Markets tread water amid lack of catalysts

Dubai Financial Market (DFM) showed signs of cautious optimism on the last trading day of the week after falling for the last two sessions.

The benchmark index closed at 1,682.23, up 8.41 points or 0.50 per cent as investors looked for direction. Except, transportation, telecom, and utilities all sectors posted gains.

Out of 26 stocks traded, 15 advanced with Al-Madina for Finance & Investment, Islamic Arab Ins., Dubai Islamic Insurance, Emirates NBD, Gulf General Investments Company, Emaar, DP World, among others, as the lead gainers.

The market fell for an hour after it opened for trading but later stabilized and moved up in the last hour of trading, tracking positive performance of Asia Pacific and European markets.

Abu Dhabi Securities Exchange (ADX) also closed flat, with the index gaining marginally by 1.02 point to close at 2,756.89.
Analysts however believe concerns over global factors still remain key determinants of the markets' movement globally, including in the UAE.