Dubai, United Arab Emirates – The Dubai Financial Market continued its gains over the past week, for the third week in a row.
The market index rose by 0.17%, or 10.02 points, to close weekly trading at 5,992.18 points.
Dubai Financial’s market capitalization rose to AED 1.0309 trillion at the end of the week’s session, Friday, compared to AED 1.0153 trillion at the end of the previous week’s trading, with gains amounting to about AED 15.64 billion.
Market performance during last week’s trading supported the growth of real estate sector stocks by 1.64%, and banks by 1.61%.
Financial analyst and CEO of Al-Sak Securities Trading Company, Mahmoud Atta, confirmed that local financial markets are preparing for a “harvest season” as companies begin announcing their business results for the third quarter of this year.
He expected it to exceed current customer performance and enter the “satisfaction zone”.
Atta said that the expected recovery in the markets will be largely driven by the performance of the leading sectors in both markets, including real estate and banks, in addition to the energy sector.
He explained that the strongest boost will come from the banking sector, which translates improved overall conditions into direct profits.
“High interest rates are no longer just a challenge, but a profit lever that has boosted banks’ net income,” he said.
He explained that the real estate sector in the UAE maintains an upward trajectory supported by a strong increase in demand for residential and commercial units, fueled by foreign direct investment flows.
