By: Mahmoud Gamal
Dubai-Mubasher: The Dubai Financial Market (DFM) saw a positive performance in the week ended 1 September, amid selective purchases of investment stocks and other defensive ones.
The DFMGI gained 0.56% or 19.5 points to reach 3,511.77 points.
The investment sector was the best performer with a 1.32% increase due to a rise in SHUAA Capital which provides market-making services in Nasdaq Dubai’s futures market. The growth of DFM Company and Dubai Investments by 1.52% and 1.4% pushed the sector higher.
The real estate sector also climbed 3.04% as Drake and Scull International (DSI) went up 3.06%.
Some defensive stocks in the services and transportation sector witnessed gains like Gulf Navigation which topped gainers with a 6.5% rise, followed by Aramex, Air Arabia and Amanat Holdings which grew 5%, 0.7% and 4.04% respectively.
Turnover reached AED 1.76 billion this week, compared to AED 1.47 billion last week. Trading volume stood at 1.28 billion shares, compared to 1.14 billion shares.
The rebound of Dubai bourse this week is technically driven by the stability of its main index above 3,500 points, technical analyst Salam Saeed told Mubasher.
News regarding the launch of futures market on 1 September pushed portfolio investors to trade on blue chips in the investment sector and defensive stocks in the services and transportation sectors, the analyst added.
The DFMGI is expected to continue its stability above 3,500 points, Saeed noted.
Translated by: Julian Nabil
