UAE markets show signs of hitting a bottom

Top performing stock for the year in the UAE is Takaful House.

Dubai Financial Market

Dubai: The Dubai Financial Market General Index (DFMGI) was essentially flat last week, rising only 5.55 or 0.17 per cent to close at 3,340.49. That’s not bad given that the index was down as much as 2.5 percent earlier in the week. There were 12 advancing issues and 26 declining, while volume improved to a three-week high The index continued its decline earlier in the week as it fell below the prior week’s low before finding support at 3,253.21 on Monday and then bouncing into the week’s end. At the low the DFMGI was 10.5 per cent off its 2016 high of 3,623.70 reached only nine weeks ago.

Abu Dhabi: The Abu Dhabi Securities Exchange General Index (ADI) fell 52.74 or 1.21 percent last week to close at 4,294.46. Market breadth leant on the bearish side with 19 declining issues and 12 advancing, while volume reached a two-week high but was still at the second lowest level of the past nine weeks.

So far the top performing stock for the year in the UAE is Takaful House. It’s up 141.13 percent year-to-date and 90.7 per cent over the past 12 months. Last week the stock closed flat at 1.02

 

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