A better-than-expected investors sentiment lifted the Dubai Financial Market (DFM) index on Sunday, the first trading day when the market opened after a weeklong Eid holidays.
The benchmark index closed at 1,702.71, up 15.71 points or 0.93 per cent, with all sectors except telecom and insurance pushed the market up.
Stocks that lifted the market up included Hits Telecom, Aramex, Dubai Refreshments Company, Gulf General Investment Company (GGICO), Arabtec, Emaar, DP World, among others.
"Today's positive performance by DFM was mainly a correction of the negative performance we were seeing before the holidays. Basically, the market is rebounding from the strong decline it has seen earlier. So we're seeing a lot of bargain hunters this time," Chahir Hosni, Sales Manager (MENA equities), EFG Hermes told Emirates 24|7.
"There was no major news that drove the market up today. However, the news that Arabtec's partner Saudi BinLadin group won a big project in Saudi Arabia acted indirectly in favour of Arabtec's shares," he added.
Market sentiments also seem to have got support from good financial results announced by companies. GGICO, for instance, announced in a statement posted on DFM website a net profit of Dh 53.5 million for the three months period ending September 30, compared to Dh22.2 million for the same period last year.
Further, Arab Insurance Group (Arig), one of the largest reinsurance providers in the MENA and listed on the stock exchanges in Bahrain, Dubai and Kuwait, announced that higher technical returns from reinsurance and a rally in the world financial markets firmly placed the company back into profitability at the end of the third quarter following a dip in investment returns at the half-year point.
In a statement posted on DFM website, Arig said the net profit in Q3 amounted to $11.5 million (compared to $16.9 million in Q3 last year) - a strong recovery following a $2.8 million loss recorded at mid-year.
Abu Dhabi Securities Exchange (ADX), however, ended slightly down by 6.40 points to close at 2,742.52.