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DFM Weekly Roundup: Another slow week, despite 1.67% gain

'On the back of a 35 per cent H1 2014 profit jump, Oman Insurance was the market's best performer, gaining almost 15 per cent last week.'

The Dubai Financial Market General Index recorded a minimal gain last week of 1.67 per cent, as
low trade volumes were to blame for another sluggish week in August.

Individually, firms on the DFM generally performed well, with only nine of the 39 listed companies reporting losses. However, out of the gainers, only two – both in the insurance sector – achieved
double-digit growth.

On the back of a 35 per cent H1 2014 profit jump, Oman Insurance was the market’s best performer, gaining almost 15 per cent last week.

In contrast to their surge of 15.33 per cent last week, National Industries Group Holding were the DFM’s worst performer, reporting a loss of 16.19 per cent this week.

Following the high volatility seen throughout June and July’s ups and downs, August on the DFM has in many ways resembled a market going through its post-shock stage. Nonetheless, there are also signs to suggest that we are now witnessing the ‘calm before the storm.’

Namely, Emaar Properties are widely expected to list their Malls group on the DFM in September, which, valued at approximately $9 billion, would be the largest offering since late 2007. The speculations as to the timing of the listing were officially rebuffed by Emaar on Thursday, which perhaps contributed to their 0.5 per cent drop just before the week’s close.

Likewise, luxury developer Damac, who last week announced H1 growth by 39 per cent, is also expected to switch its listing from the London Stock Exchange onto the DFM in the coming weeks, making it one of the UAE’s top 10 listed companies.

Gainers (%)

Oman Insurance (Insurance)14.97

Dubai National Insurance and Reinsurance (Insurance) 13.33

International Financial Advisors (Investment)  9.52

Al Baraka Banking Group (NASDAQ Dubai) 8.43

Losers (%)

National Industries Group Holding (Industrials) 16.19

Drake and Scull International (Real Estate) 3.50

Almadina for finance and invest. co. (Investments) 2.63

Takaful Emarat (Insurance) 2.39