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DFM gains in a week, shrugs off oil, Yemen woes

DFM gains in a week, shrugs off oil, Yemen woes
Photo Credit: Arabianeye-Reuters

By Thabet Shehata

Dubai-Mubasher: Dubai Financial Market (DFM) was back to its weekly gains, as it shut higher in all trading sessions during the week ended 2 April, shrugging off the deteriorating oil prices as well as regional unrest due to military action against rebels in Yemen.

The market recorded its biggest weekly gains since 2015-start, snapping successive declines.

The benchmark index DFMGI rose 6% or 207.45 points to 3614.7 points, compared with 3407.25 a week earlier.

Analysts believe that UAE markets overcame impact from fluctuating oil prices and Yemen turmoil.

The market trading was strongly boosted by the dividend distributions endorsed by some major companies, said Abdullah Al-Hawsani, GM, Emirates NBD for Securities.

Some portfolios re-built positions and thus gave momentum to the local equities, especially after several stocks reached attractive prices, he added.

Main sectors moved higher, led by real estate, banks and telecoms. Consumer staples topped gainers with a surge by 10.8%, backed by Gulfa, Dubai Parks and Marka that added 15%, 11% and 10.34% respectively.

The real estate sector rose 8.4% backed by Emaar and Arabtec that advanced 9.8% and 8.56% in a row. Other real estate stocks also strengthened.

The investment sector rose 0.15% backed by DI (+8.8%) and market operator DFM Company (+6%).

Banks sector also gained 3.56% helped by DIB and Emirates NBD that rose 5.7% and 2.8% respectively.

Market turnover rose by 8.2% to AED 2.28 billion, from AED 2.1 billion a week earlier. Traded volume fell by 15% to 1.41 billion shares from 1.66 billion shares.

Translated by Sayed Abdel Rahman