By: Mahmoud Gamal

Dubai – Mubasher: The Dubai Financial Market (DFM) has seen a positive performance during the second quarter of 2019.

The DFM’s general index added 23.77 points, or 0.90%, to 2,658.63 points in the three-month period ended 30 June.

The bourse’s market capitalisation gained AED 3.49 billion and closed the quarter at AED 353.16 billion.

The analysts told Mubasher that investors are likely to maintain trading on the banks stocks as most of the lenders have been rated by global rating agencies with stable outlooks.

The banks sector jumped by 8% on the back of the heavyweight Emirates NBD, which climbed 13.9%.

The insurance and the industrial sectors led gainers with 15.14% and 16.52%, respectively.

The services sector added 1.6% as Tabreed grew 10.13%.

The recent decisions regarding the war trade will boost the market gains early July, vice president of Investment Research at KAMCO Raed Diab told Mubasher.

The US Federal Reserve System is expected to maintain the federal fund rates which would revive the markets, particularly the real estate sector in the UAE, Diab highlighted.

He also noted that investors are anticipating the disclosures of DFM-listed companies’ financial results for the first half of 2019 amid the current geopolitical scene in the region.

On the other hand, the consumer goods sector dropped by 18.6% as DXB Entertainments fell 19.9%, and the real estate sector shed 6.02% as Arabtec plunged 27.7%.

Trading volume amounted to nearly 7.8 billion shares in Q2-19 exchanged at a turnover of AED 11.36 billion.

In the first half of 2019, the DFM jumped 5.1% and gained 128.88 points on the back of buying transactions on blue-chip stocks, including Emirates NBD, Dubai Islamic Bank, and Emaar Properties.

Translated by: Mai Ezz El-Din