By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) closed Sunday in the red, pressured by its leading stocks, particularly Arabtec Holding and Dubai Islamic Bank (DIB).
The DFMGI shed 0.30% or 10.2 points, closing at 3,341.54 points.
Turnover amounted to AED 251.96 million, down from AED 381.97 million on Thursday, while traded volume fell to 271.83 million shares from 345.67 million.
As long as the DFMGI remains below 3,430 points, its movement is considered part of a wave of correctional rebounds, market analyst Ahmed Sonbol told Mubasher in a comment.
He added that investors are keeping an eye on Emaar’s stock and are waiting to see if it will pass AED 7 per share.
The insurance sector led losers on Sunday, falling 1.5% after Dar Al Takaful and AMAN dropped 5.88% and 3.4%, respectively.
The real estate sector shed 0.54% after Arabtec lost 0.52%, while the banks sector declined 0.32% as DIB lost 0.52%.
Sonbol advised traders and investors not to rush in to form positions on both the DFM and its Abu Dhabi counterpart as forecasts show that the US Federal Reserve may raise interest rates, a step that will impact oil prices.
Investors will also keep an eye on news that US President Donald Trump is set to discuss selling half of the US’ strategic oil reserves, a step that will likely deal a blow to the deal carried out by the Organization of Petroleum Exporting Countries (OPEC) and its hopes that oil prices would stabilise, Sonbol told Mubasher.
Translated by: Nada Adel Sobhi
