By: Mahmoud Gamal
Dubai-Mubasher: The Dubai Financial Market (DFM) saw a bearish performance in the week ended 29 September, amid cautious trading ahead of third-quarter financials and the OPEC’s decision on the oil production.
The main index fell 1.12% or 39.19 points to reach 3,474.38 points.
The market was weighed down by the unclear trend of oil prices and conflicting statements regarding the OPEC’s agreement to limit oil output, in addition to volatility of global stock markets especially the US stocks, analyst Ghada Al Majid.
Tendency of some traders to liquidate their stocks ahead of the OPEC’s meeting pushed the main index to fall below 3,500 points, Al Majid added.
The investment sector led losers after falling 2.45%, weighed down by SHUAA Capital and Dubai Investments which slid 2.9% and 1.8% respectively.
The real estate sector went down 1.8% as Arabtec Holding and Emaar Properties retreated 0.8%. The transportation sector also fell 1.32% due to a decline in Air Arabia by 1.45%.
On the other hand, the banks sector gained 0.27% as Commercial Bank of Dubai (CBD) advanced 5.3%.
Turnover stood at AED 1.78 billion this week, compared to AED 1.36 billion last week. Trading volume reached 1.04 billion shares, compared to 1.3 billion shares.
The market is likely to stabilise above 3,500 points, she said, adding that traders should increase their positions in stocks with good solvency, especially with the approach of third-quarter financials.
Translated by: Julian Nabil
