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Blue chips push DFM to see weekly gains

Blue chips push DFM to see weekly gains
Turnover stood at AED 1.36 billion this week (Photo Credit: Arabianeye-Reuters)

By: Mahmoud Gamal

Dubai-Mubasher: The Dubai Financial Market (DFM) saw a positive weekly performance in the week ended 22 September, amid higher purchases of stocks despite anxiety over the Federal Reserve’s decision.

The main index went up 0.90% or 31.32 points to reach 3,513.57 points.

The index stability above 3,500 points helped the market to stabilise above 3,500 points despite volatility of global markets, according to capital market analyst Mohamed Al Hosni.

The Federal Reserve’s decision to keep the interest rates unchanged was expected, yet a lot of speculations caused traders to feel anxious, Al Hosni noted.

The real estate sector topped gainers with a 1.39% rise, backed by Emaar Properties and Arabtec Holding which grew 1.7% and 1.35% respectively. The banks sector levelled up 0.63% as Dubai Islamic Bank (DIB) advanced 0.93%.

The market was backed by foreign purchases of stocks, which reached attractive price levels, like Emaar Properties that rose above AED 7.

Some blue chips in the services and transportation sector saw gains, led by Gulf Navigation Holding, Aramex, Air Arabia and Amanat Holdings which went up 0.85%, 0.76% and 0.92% respectively.

Turnover stood at AED 1.36 billion this week, compared to AED 382.9 million last week. Trading volume reached 247.82 million shares, compared to 1.04 billion shares.

The main index is expected to maintain its stability above 3,500 points, Al Hosni said, adding that traders should increase their positions especially in investment and transportations stocks which are expected to see positive results in Q3-16, the analyst said.

The upcoming OPEC meeting in Algeria is expected to control the market’s trend, Al Hosni concluded.

Translated by: Julian Nabil