DFM, ADX stage modest recovery

Dubai Financial Market (DFM) posted modest gains on Monday as risk aversion among traders and investors seemed to have subsided and stock buying gained momentum. The benchmark index was up 8.48 points or 0.57 per cent to close at 1,500.15 at the close of the session.

All sectoral indices, except transportation, ended in the green, while real estate shares rose the most (1.02 per cent).

The market gainers included Deyaar Development, Drake & Scull International, DFM’s own shares, Dubai Investments, Dubai Islamic Bank, Emaar Properties, Emirates NBD, Gulf General Investments Company, Takaful Emarat, Takaful House, and Union Properties.

The market volume dipped to around 37 million (down from yesterday’s 39 million) with shares traded equalling to Dh60 million (up from yesterday’s Dh53 million).

The market breadth remained positive, with 11 advances against 9 declines.

Abu Dhabi Securities Exchange (ADX) also edged up slightly by 3.70 points or 0.15 per cent to close at 2,509.28. Except energy, all sectors posted gains on the index.

Market volume improved from yesterday’s around 22 million to around 29 million, while value of shares traded equalled to around Dh44 million, up from yesterday’s Dh34 million.