By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) concluded the week ended 19 July on a positive note backed by banking and real estate stocks.
The DFMGI gained 1.45% or 42 points to close the week at 2,926.04 points.
Turnover fell to AED 793.36 million this week from AED 930.17 million the previous week, while volumes dropped to 444.85 million shares traded versus 573.48 million.
The transport sector led the DFM’s risers, adding 2.5% after Air Arabia increased 4.85% on the back of new aircraft orders.
Meanwhile, the real estate sector grew 1.7% after Emaar Properties surged 3.2% to AED 5.14 on news of asset sales, an expansion in Egypt, and the opening of major Chinese neighbourhood in Dubai.
The banks sector rose 1.5%, backed by Emirates NBD’s 3.5% gain to AED 10.35 on better-than-expected first-half results.
Commenting on this week’s performance, general manager at Al Sharhan Stock Center Jamal Ajaj said that UAE bourses saw “weak” turnover and slight fluctuations.
Investors focused on blue chips, particularly the banks sector as several banks posted positive results during the week, the analyst told Mubasher.
On the negative side, the consumer staples sector dropped 4.12% after DXB retreated by almost 5% to AED 0.334.
Ajaj forecast that next week’s performance would be tied to the continued disclosure of financial results added to some speculation.
Translated by: Nada Adel Sobhi
