By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market general index (DFMGI) ended the week on a positive note, recording the best performance since October 2015 following the rise in US markets.
The DFMGI gained 2.8% or 103.19 points and closed the week at 3,720.59 points.
Turnover more than doubled to AED 4.98 billion, its highest level since mid-November 2016, from AED 2.34 billion last week. Similarly, traded volume reached 4.48 billion shares compared to 2.16 billion.
“The DFM’s continued positive performance this week helped boost activity on small and medium-sized stocks,” market analyst Amin El-Hennawy told Mubasher.
The transport sector rose 4.3% after Air Arabia gained 5.2%, while the banking sector add 3.5% on the back of Ajman Bank which jumped 19.4% during the week.
The real estate sector grew 2.8% after Arabtec leaped 9.6%, while the investment sector was up 2.25%, backed by Dubai Investments’ 2.36% increase.
Trading in the first month of 2017 is often good as investors often anticipate positive annual results for companies and look to good dividends, El-Hennawy told Mubasher.
He added that passing 3,600 points will increase the DFM’s opportunities for further gains next week, with targets of 4,000 and 4,200, respectively.
Any delay in companies reporting their financial results will turn the market’s outlook to a negative one, El-Hennawy concluded.
Translated by: Nada Adel Sobhi
