DFM ends Thursday down; banks, transport rise

By: Mahmoud Gamal

Dubai – Mubasher: The Dubai Financial Market’s general index (DMFGI) trimmed the losses it recorded earlier in Thursday’s session, closing in the red, while the banking and transport stocks gained.

The DFMGI slipped 0.10% or 3.75 points to 3,690.39 points.

Capital market analyst Walid Khattab commented that the DFM was able to hold well today, backed by selective buying on some stocks, particularly those listed on Boursa Kuwait.

UAE market speculators this week focused on stocks whose value was less than AED 1, the analyst told Mubasher.

The banking sector’s gains helped narrow the DFM’s losses, particularly after Emirates Islamic jumped 14.6% and Emirates NBD gained 3.9%, while the transport sector increased 0.18% after Air Arabia grew 0.72%.

On the flipside, the consumer staples sector was the top loser, sliding 1.6% as DXB dropped 1.65%, while the real estate sector lost 0.4% after Damac and Emaar shed 1.12% and 1.05%, respectively.

Khattab told Mubasher that he expects the portfolios to continue increasing their positions in small and medium-sized stocks next week, ahead of leading companies’ announcement of their financial results for 2016.

Translated by: Nada Adel Sobhi

MUBASHER Contribution Time: 19-Jan-2017 11:17 (GMT)
MUBASHER Last Update Time: 19-Jan-2017 11:17 (GMT)