By Mahmoud Gamal
Dubai – Mubasher: Dubai Financial Market (DFM) delivered a bullish performance this week, as traders built more positions in defensive and mid-cap stocks.
The main index, or DFGMI, rose by as much as 0.9% or 30.6 points to 3,386.14 points.
DFM was driven higher by the rally in global markets, coupled with a rebound in oil prices and the return of investors to select buying, said Jamal Abdul-Hamid, capital market analyst.
The weekly traded value increased to AED 2.9 billion, from AED 1.7 billion, while traded volume rose to 2.9 billion shares from 1.5 billion shares.
The increase in liquidity levels in line with the market rise signals portfolios’ building of more positions in light of announcing strong corporate dividends, according to the analyst.
Market capitalisation added around AED 330 million to reach AED 301.61 billion, from AED 301.28 billion a week earlier.
The real estate sector was the best performer, with a rise of 1.3%, backed by DSI that pulled ahead 24.9%. The banks sector added 0.24% after DIB gained 1.18%. The transport sector was 0.7% higher driven higher by Gulf Navigation and Air Arabia that rose by 2% and 0.8% in a row.
Meanwhile, the telecom sector slipped by 3.13% after du moved lower by the same percentage.
The consumer staples also fell by 2.3% due to Dubai Parks that was behind 2.3%.
The analyst expects DFM to continue the rise and shifting to leading stocks next week, saying the index may shoot above the 3,421 level amid bullish forecasts for oil prices.
Translated by Sayed Abdel Rahman
