By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index closed the week which ended on 2 March in the red, after several of its leading sectors were down, led by the banks and investment sectors.
The index dropped 1.71% or 62.42 points and closed the week at 3,583.66 points.
The banks sector led fallers, sliding 6.18% after Dubai Islamic Bank (DIB) and GFH Group plunged 9.8% and 9.4%, respectively.
The investment sector declined 1.07% after DFM Company and SHUAA Capital retreated 3.5% and 1.13%, respectively.
The insurance sector shed 0.39% after Takaful Al Emarat retreated 4.04%.
The DFM’s weekly decline can be attributed to the stocks’ negative performance, particularly amid the state of unclarity governing US president Donald Trump’s stance towards Arab countries, noted CFA Institute member Mohamed Radwan.
He told Mubasher that one of the other major aspects that affected the market recently was the decline in oil prices.
The week’s turnover fell to AED 1.93 billion compared to last week’s AED 2.68 billion, while traded volume declined to 1.19 billion shares traded from 2.33 billion.
Staying above 3,600 points will enable the DFMGI to rise next week, Radwan added. He advised traders to purchase UAE stocks on the short-term.
Translated by: Nada Adel Sobhi
