Mubasher TV
Contact Us Advertising   العربية

Banks push up DFM at Sunday’s close

Banks push up DFM at Sunday’s close
The banks sector topped gainers with 0.97%

By: Mahmoud Gamal

Dubai – Mubasher: The Dubai Financial Market (DFM) ended Sunday’s trading session in positive territory, supported by the banks sector on the back of launching the “National Loans Scheme”.

The scheme, launched by the Central Bank of the UAE (CBUAE), comes along with the GCC nation’s economic and social strategies, which prioritise providing better living standards for the citizens.

The DFM’s general index went up 0.14%, or 3.65 points, to finish the first session of the week at 2,577.86 points.

Market capitalisation increased by AED 200 million to AED 344.86 billion.  

Turnover levelled down to AED 89.04 million on Sunday, compared to AED 487.35 million on Thursday, while trading volume decreased to AED 68.97 million shares, from 342.22 million shares in the previous session.

The banks sector topped gainers with 0.97% as the heavyweight Emirates NBD and Dubai Islamic Bank (DIB) rose 1.46% and 0.85%, respectively.

Similarly, the insurance sector grew 0.81%, followed by the consumer staples sector with 0.72%.

Meanwhile, the investments sector headed the losers falling 1.83%, followed by the real estate sector with 1.56%.

The drop in the real estate sector is attributed to Moody’s report regarding the potential drop in property prices during 2019, Mena Corp financial analyst Issam Kassabieh told Mubasher.  

UAE banks are expected to set aside additional loan-loss provisions, as lower property prices reduce the value of real estate collateral that banks hold against their lending, the US rating agency noted.

Kassabieh added that the UAE is at pains to improve both the banks and real estate sectors through launching several initiatives.

Translated by: Kholoud Mohamed Hussein