By: Mahmoud Gamal

Dubai – Mubasher: The Dubai Financial Market (DFM) closed the week ended 3 January in the green after gaining 57.17 points, or 2.32%, to 2,526.02 points.

The DFM remained in green territory over the week as investors have benefited from the low price level of blue-chip stocks amid optimism about the financial results of major firms and banks, vice president of Investment Research at KAMCO Raed Diab told Mubasher.

The bourse’s market capitalisation increased by AED 5.8 billion, closing the four-session week at AED 343.43 billion, compared to AED 337.59 billion in the previous session.

The insurance sector rose 7.24% as Dubai Islamic Insurance and Reinsurance Company’s (AMAN) stock jumped 20.75%, followed by Islamic Arab Insurance Company’s (Salama) stock with 15.95%, and Takaful Al Emarat Insurance Co’s stock with 2.41%.

The transportation sector increased 4.71% after Gulf Navigation Holding’s stock went up 6.9%.

The investment and financial services sector gained 4.17% as the stocks of DFM Company and Dubai Investments grew 4.8%, and 4.42%, respectively.

The consumer staples rose 1.8% after DXB Entertainments increased 2.08%, while the banks sector levelled up 1.34% as Ajman Bank’s stock grew 5.15%, and Emirates NBD’s stock added 2.9%.

The services sector jumped 7.12% after the stock of Amanat Holdings surged 10.9% to AED 1.12.

New investments

The DFM is still in a dire need of attracting new and foreign investments, as it is expected to see some fluctuations in the next sessions, Diab noted.

From a technical perspective, the bourse’s main index must exceed the first resistance level at 2,600 points in order not to see a decrease over the coming period, Diab indicated, adding that if the DFM passed the first resistance level it may aim 2,700 points.

Translated by: Mohammad Hesham Azab