Dubai – Mubasher: UAE’s twin bourse saw a bullish trend this week, as traders shifted their positions between blue chips and defensive stocks.
Stocks also saw profit taking activity and searching for new opportunities amid volatility in crude and global markets, according to analysts.
Abu Dhabi Securities Exchange (ADX) main index continued its rally to the third straight week, as it rose by 3.98% or 169.33 points to reach 4,420.51 points.
Likewise, Dubai Financial Market (DFM) rose by 4.04% - its biggest weekly gains in a month – adding 126.15 points to 3,250.22 points.
Market capitalisation for UAE bourse increased by AED 29.11 billion ($8 billion) to AED 716.79 billion ($195.104 billion), from AED 687.68 billion ($187.18 billion) last week.
ADX traded volume amounted to 1.335 billion shares exchanged at turnover reaching AED 1.769 billion.
DFM traded value doubled to AED 6.830 billion, of which home builder Arabtec took the lion’s share with around AED 3 billion, or 42%, after the news that a major shareholder raised its equity in the company. The market’s traded volume increased to 4.9 billion shares from 3.15 billion shares.
Dubai bourse was buoyed by Arabtec and Emaar, while Abu Dhabi market was propelled by Etisalat, ADCB and FGB.
Translated by Sayed Abdel Rahman
