Shares in Dubai Financial Market traded higher this morning despite the listed bourse reporting it contracted by nearly 5 per cent last month, with five of the nine sectors listed on the bourse ending in the red.
The bourse shrank by 4.7 per cent in March to close the month down at 1,648.9, compared to 1,730.4 at the end of February. By market capitalization the index fell 2.6 per cent to Dh194.3 billion, compared to Dh199.4bn in February.
Industrials weighed down the most to drop 10.7 per cent, followed by the real estate and transportation sectors, which fell 8.3 per cent and 6.4 per cent respectively.
Better performing were services, up 10.6 per cent, financial and investment services, gaining 5.2 per cent, and telecommunications, up 1.6 per cent.
Value of shares traded last month reached Dh9.6bn, compared to Dh8.7bn recorded during February, an increase of 9.4 per cent. The number of shares traded rose by 3.2 per cent to 7.9 billion, up from 7.6 billion shares a month earlier.
Real estate and construction shares were the top trading in terms of value at Dh3bn, or 31.8 per cent of the total value of shares traded in the market.
Shares in Dubai Financial market were up 1.72 per cent at Dh1.18.
Both UAE bourses were trading higher this morning. The Dubai Financial Market General Index was up 0.12 per cent to 1,656.34. the Abu Dhabi Securities Exchange General Index edged 0.11 per cent higher to 2,562.76.
Asian stocks rose for a third day as signs of strength in the world's two biggest economies, the United States and China, bolstered confidence in the global recovery.
European stocks also climbed the most in almost three weeks yesterday, wiping out earlier losses, as reports showed manufacturing expanded more than forecast in the US and China. In the US, the Dow Jones Industrial Average jumped to its highest level since December 2007.