The Dubai Financial Market (DFM) closed Monday in the green, backed by its blue chips amid positive forecast of strong financial results set to be released later in the month and ahead of the emirate’s mega real estate event Cityscape 2018.
The general index grew 0.52% or 14.61 points to close at 2,849.50 points.
The bourse’s market capitalisation gained AED 1.43 billion ($267 million) on Monday to close at AED 371.06 billion ($101.02 billion) from AED 369.63 billion ($100.63 billion).
The consumer staples sector gained 3.37% after its stock DXB jumped 3.75% to AED 0.360 on the back of government spending on several economic sectors as specified in the new federal budget.
The real estate sector increased 1.59% after Deyaar Development added 2.81% to AED 0.439, while Drake & Scull International (DSI) rose 2.57% to AED 0.359. Moreover, Emaar Properties rose its highest level since August at AED 5.12.
In addition, the investment sector was up 1.55% by the end of the session, after Dubai Investments and DFM Company increased 1.6% and 1.5%, respectively.
The services sector added 0.5%, backed by Amanat Holding’s 0.87% gain to AED 1.16, while the transport sector grew 0.15% on the back of Air Arabia’s 1.35% rise to AED 0.973.
The DFM’s turnover amounted to AED 203.49 million ($55.4 million) on Monday, up from AED 188.41 million ($51.30 million) on Sunday, while volumes increased to 182.58 million shares versus 123.03 million in the previous session.
Performing negatively was the banks sector, which shed 0.43% after Dubai Islamic Bank (DIB) and Emirates NBD decreased 0.74% and 0.21%, respectively. The telecommunications sector and its only stock du fell 0.4% each.
Moreover, the insurance sector was down 0.23%, weighed by Takaful Al Emarat and AMAN, which dropped 2.6% and 2.4%, respectively.
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