By: Thabet Shehata

Dubai – Mubasher: The Dubai Financial Market (DFM) saw an overall positive performance this week backed by the real estate and banking sectors, resuming its gains following last week’s losses.

The market’s general index (DFMGI) rose by 0.18% or seven points to 3864.67 points compared to last week’s closing of 3857.66 points.

The DFM witnessed negative performance in its first two session of the week followed by stability during the third session, then positive performance on Wednesday and finally a decline on Thursday.

Capital market analyst Waddah Taha said that the DFM suffered fluctuations during the week owing to several external and internal factors such oil prices added to companies’ results and dividends.

We have noticed that the market shows that it can hold when external factors are lessened however it cannot draw a clear path due to weak trading, the analyst highlighted.

The DFM’s gains during the last week of February were backed by gains on the real estate, banking and insurance sectors, whereas the investment and telecoms sectors were in the red.

The real estate sector rose 0.8% as Arabtec and Emaar added 2.6% and 1.6%, respectively, added to Deyaar gains.

The banking sector increased by 0.15% as Emirates NBD and the Commercial Bank of Dubai (CDB) gained 0.43% and 4.4%, respectively. Dubai Islamic Bank (DIB), however, closed at 1.76% decline.

The telecoms sector shed 0.2% as du retreated similarly to AED 5.10.

The DFM endured low turnover reaching AED 2.28 billion against AED 3.4 billion last week, recording a significant decline by 33.7% with average volume per session reaching AED 456 million.

Trading volume declined this week as 1.72 billion shares were traded against 1.9 billion last week, registering a decline by 9.5%. Accordingly, average trading retreated to 345.3 million shares per session

Translated by: Nada Adel Sobhi