DFMGI marks 5 week-high

By: Mahmoud Gamal

Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index rose 1.04%, or 36.42 points, to 3,531.05 points in a week, recording its fifth successive growth amid positive expectations regarding companies’ disclosures.

In the beginning of the week, the UAE’s markets were pushed up by the positive financial results of some listed banks, Al-Sharhan Centre's general manager, Gamal Agag, told Mubasher.

The reported net profits in the fourth quarter of 2017 may reflect positively on the annual dividends, Agag added.

However, the stocks’ prices were not affected by the positive news and increased in the beginning, to tumble later on the back of the profit-taking, he noted.

Over the course of the week, the real estate sector topped the DFM, growing 1.8% after Emaar Malls surged 8.18%, while Emaar Properties jumped 2.7%.

The banks sector went up 1.08% after Emirates NBD and Dubai Islamic Bank (DIB) increased by 3.8% and 0.5%, respectively.

The transportation sector gained 0.84%, as Air Arabia and Aramex levelled up 1.5% and 1.4%, respectively.

The investment sector upped 0.65%, as the DFM Company rose 0.87% and Dubai Investment grew 0.79%. 

Markets achieved good results following the recent disclosures, but their effect was not as expected, Agag continued.

The DFM’s trading volume dropped 62% to 908.19 million shares from 1.47 billion in the previous week, while the market’s liquidity declined 1.2% to AED 1.64 billion, compared to AED 1.86 billion a week earlier.

GFH Group tumbled 3.3% to AED 1.47 and acquired 37% of the market’s liquidity, with a turnover of AED 336.83 million.  

Investors will focus on stocks with low market capitalisation, topped by Deyaar Development, DXB Entertainments, and Drake and Scull International (DSI).

 

Translated by: Muhammad Khalid

MUBASHER Contribution Time: 18-Jan-2018 14:42 (GMT)
MUBASHER Last Update Time: 18-Jan-2018 14:50 (GMT)