DFM rises 1.1% on investment stocks in week

By: Mahmoud Gamal

Dubai – Mubasher: The Dubai Financial Market (DFM) saw a positive performance in the week ended 30 November, backed by the rise of investment and transportation sectors.

The DFMGI gained 1.1% or 27.18 points to reach 3,360.91 points.

Turnover stood at AED 3.16 billion this week, compared to AED 5.44 billion last week. Trading volume reached 2.56 billion shares, compared to 4.54 billion shares.

The DFM’s gains were backed by the rise of US stocks and recovery of GCC markets, capital market analyst Tarek Ghanam told Mubasher.

The investment sector levelled up 5.4% as Dubai Investments gained 4.63%. The sector is likely to see positive annual gains and dividends by the end of 2016, the analyst explained.

The transportation sector gained 1.49% as Gulf Navigation Holding went up 2.5%.

The UAE markets are likely to rebound, especially after investors completed the arrangement of their positions following the end of third-quarter announcements, the analyst said.

Investors should not increase their positions till the main index stabilises above 3,400 points, Ghanam noted.

Translated by: Julian Nabil

MUBASHER Contribution Time: 30-Nov-2016 13:29 (GMT)
MUBASHER Last Update Time: 30-Nov-2016 13:29 (GMT)