By Thabet Shehata
Dubai – Mubasher: Dubai Financial Market ended the week in green, backed by property stocks led by Emaar, as well as banks and investment stocks.
The main gauge rose 2.4% or 87 points to close at 3,706.48 points, compared with 3,619.44 points a week earlier.
The UAE equity markets showed bullish performance in most of the week’s sessions, amid a rise in global bourses and in steadying oil prices, said Tarek Qaqish, head of asset management at Al Mal Capital.
Market capitalization rose to AED 352.77 billion ($96.04 billion), up AED 6.77 billion from AED 346 billion ($94.2 billion) a week earlier.
The analyst also said positive reports about the UAE’s private sector and gross domestic product helped buoy equities.
The real estate sector gained 3.5% during the week, helped by Emaar that advanced by 5.8%. Meanwhile, home builder Arabtec drifted lower by 1.55%.
Similarly, the banks sector grew by 1.13% after DIB and Emirates NBD added 1.48% and 3.67%, respectively.
The investment sector ended 3.75% higher, supported by Dubai Investments and DFM Company that rose 4.2% and 3% in a row.
The improved liquidity amid these rises signals continued confidence in the market, said the analyst.
The telecoms sector was down 0.6% weighed by du that ended at AED 5.06. Consumer staples sector topped gainers with a jump of 4.8% backed by Dubai Parks, while the industrial sector was the biggest drag, with a fall of 4.6%.
The weekly turnover grew 16% to AED 1.8 billion, from AED 1.54 billion, while traded volume increased by 14% to 1.09 billion shares from 956.4 million shares.
Translated by Sayed Abdel Rahman
