By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) concluded the week’s trades at a decline following pressure from blue chips, spearheaded by Arabtec.
The DFMGI was down 0.87% or 32.05 points to 3,650.76 points in the week ended 16 February.
“Weekly trades were down following the announcement of companies’ financial results for the full year 2016, particularly Arabtec, whose results came as a shocker to investors,” commented market analyst Amin El-Hennawy.
Arabtec’s losses reached 100% of its capital by the end of 2016, making it the worst performer this week after its stock slid by nearly 22.2%, El-Hennawy told Mubasher.
Mashreq Bank was also among this week’s top fallers, after its stock retreated 11% during the week, followed by Amlak and Marka with 8% each.
Despite the negative performance for these blue-chip stocks, which was also reflected on trading activity, there were other factors that helped trim the DFMGI’s losses this week, the analyst told Mubasher.
On a positive note, Emaar Properties was among the week’s top performers, rising by more than 1.33%.
The Dubai-based developer reported a 56% year-on-year growth in its net profits during the fourth quarter of 2016 to AED 1.613 billion ($439 million), as well as AED 5.233 billion ($1.425 billion) profits in FY16, up 28.2% from 2015.
DFM Company’s stock was the top gainer this week, surging 14%, followed by Aramex and Emirates NBD, which were up 4.5% and 3%, respectively.
“Current cues indicate an extended sideways performance for the DFMGI over the coming week, a dominant theme since mid-January,” the analyst highlighted in his statement, noting the possibility of a decline towards the level of 3,500 points.
Translated by: Nada Adel Sobhi
