By Mahmoud Gamal
Dubai – Mubasher: UAE’s stock markets were in green this week, amid fluctuations, as investors shifted their positions between blue chips and defensive stocks.
The markets also saw profit taking and a look for new opportunities, due to volatility in crude prices and in global bourses, according to analysts.
Dubai Financial Market extended its winning run to the second straight week, as it rose by 1.01% or 31.2 points this week to end at 3,124.07 points.
Similarly, Abu Dhabi Securities Exchange advanced by 0.91% or 38.3 points to end the week at 4,251.18 points; thus continuing a rally to the second straight week.
The UAE equities’ steadiness this week is ‘positive’ amid strong volatility in oil prices following a key meeting that involved OPEC member countries and Russia, said Abdullah Al-Jabali, capital market analyst.
He added that local stocks are still strongly correlated with global markets, which will likely continue in the coming period till crude prices – the major driver for global markets – stabilises above $35 per barrel.
DFM was backed by the rise of Arabtec, DIB and Emaar Malls by 5%, 3.6% and 2.7% in a row. Meanwhile, ADX got a boost from leading stocks Etisalat and First Gulf Bank that advanced by 2.14% and 1.6% in a row, while Aldar slipped by 1.6%.
Dubai’s traded value increased to AED 3.22 billion ($0.876 billion), from AED 2.13 billion ($0.579 billion) last week. Traded volume also rose to 3.16 billion shares from 1.9 billion shares.
Abu Dhabi’s traded value rose to AED 1.53 billion ($0.571 billion), from AED 1.16 billion ($0.316 billion). Traded volume increased to 1.44 billion shares from 929.5 million shares.
Traders focused this week on small and mid-cap stock portfolios that rose remarkably, especially in Dubai, mainly Drake & Scull (+18.16%), GFH (+112%) and Amlak (+8.8%), said Mohamed Al Shamimri, financial advisor.
Market capitalisation in Dubai and Abu Dhabi declined to AED 687.68 billion ($187.18 billion), from AED 707.76 billion ($192.64 billion) last week.
Translated by Sayed Abdel Rahman
