Trade values dwindle further on Dubai Financial Market
Index gains 0.6% after falling 1.2% a day earlier on global growth concerns
Dubai: The Dubai Financial Market (DFM) index gained 0.61 per cent on Thursday after falling by 1.2 per cent a day earlier on investor concerns on global growth outlook.
The index ended at 2,761.02, with less than Dh90 million traded in the market. Emaar, which was among the most actively traded stock on the day, rose by 2.27 per cent. Meanwhile, Dubai Islamic Bank ended flat, was Amlak jumped 14.84 per cent.
The inch up on the index followed a drop across global markets on Wednesday as investors averted risky assets on the back of weak manufacturing data in the US. Oil prices also fell on expectations of weaker global demand, with Brent crude prices at $57.7 a barrel on Thursday, nearing their lowest prices in 2019.
In Abu Dhabi, the main stocks index was nearly flat, ending 0.06 per cent lower, at 5,027.96. The market’s biggest stocks were either flat or saw minor changes. First Abu Dhabi Bank’s share prices slid 0.66 per cent, while Abu Dhabi Commercial Bank’s rose 0.78 per cent, Etisalat’s gained 1.24 per cent, and Aldar Properties ended flat.