Banks, transport boost DFMGI in week

By: Bedour Al Raee

Dubai – Mubasher: The Dubai Financial Markets’ (DFM) general index rose 0.14%, or 4.82 points, to close at 3,330.44 points in a week, on the back of the banks and transportation sectors.

Recently, the UAE’s markets stabilised amid the anticipation in both global and national markets and the ebbs and flows of the UAE-listed companies’ disclosures, vice president of Investment Research at KAMCO Raed Diab told Mubasher.

Over the week, the DFM’s trading volume surged to 806.017 million shares from 553.450 million in the previous week, while the market’s liquidity increased to AED 1.4 billion, compared to AED 1.21 billion a week earlier.

The UAE’s markets still do not have enough liquidity, which reflects investors’ willingness, especially foreigners, to cut their positions, Mubasher’s senior sales trader Mohab Maher commented.

The banks sector jumped 2.13% after Dubai Islamic Bank (DIB) and Emirates NBD gained 1.4% and 0.12%, respectively.

The transportations sector soared 6.8%, as Aramex surged 13.6%, while Air Arabia added 1.56%.

Meanwhile, the investment sector lost 2.79% after Dubai Investments and the DFM Capital levelled down 3.4% and 0.93%, respectively.

The real estate sector sank 1.43% after Emaar Properties dropped 3.85%.

Arabtec Holding went down 2.65%, while Emaar Development fell 1.6%.

Foreign traders began to collect blue chips, topped by Emaar Properties’ shares, following the dramatic fall of global markets, Maher continued.

The anticipation will remain in the UAE’s markets, amid blurred stock situation and lack of positive expectations regarding the general indices' performance, the analyst concluded.

 

Translated by: Muhammad Khalid

Mubasher Contribution Time: 15-Feb-2018 14:13 (GMT)
Mubasher Last Update Time: 15-Feb-2018 14:18 (GMT)

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