|10-14-2014, 02:45 PM||#1|
DFM market cap jumps 22.2% in the third quarter
Market capitalization of the Dubai Financial Market General Index (DFM) increased in the third quarter by 22.2%, amounting to AED357.6 billion.
The DFM rose 27.9% to 5042.9 points at the end of the three-month period ending September, compared to 3942.8 points at the end of the second quarter, according to a report by WAM, a state-owned news agency.
The real estate and construction sector, together with the banking sector contributed the most to the value and trading volumes of the index during that period.
The DFM and the Abu Dhabi Exchange (ADX) have been among the world’s best performers this year, with a large part of the gains coming after the United Arab Emirates was upgraded to the MSCI Emerging Market Index in May.
Dubai’s stock market has more than doubled since last year, not only by the index upgrade, but also by rapid improvement in economic indicators.
However, for the past three weeks the DFM and other regional stock markets have suffered from continued selling due to a dampening in worldwide investor sentiment amid rapid declines in major stock markets.
For now, investors seem to have some fears from taking new positions, considering the weak global backdrop, but that may change.
The UAE has strong underlying fundamentals and superior economic growth plus the markedly strong corporate results, when compared to other emerging countries as well as regional countries.
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