By Thabet Shehata
Dubai – Mubasher: Dubai Financial Market performance was bearish this week, following two weeks of an upturn, as main sectors declined led by real estate and banks.
The main index fell by as much as 2.52% or 77 points to end the week at 2,981.48 points, compared with 3,058.42 points last week.
The market capitalisation declined to AED 302.37 billion ($82.3 billion), down AED 1.3 billion ($354 million), from AED 303.7 billion ($82.68 billion) a week earlier.
The sentiment of traders in UAE markets were weighed by dominance of speculations and foggy outlook, in addition to volatility in oil prices and global markets, said Fadi Ghatis, CEO of THINK. He advised long-term investors to capitalise on current opportunities.
The investment sector was the biggest loser (-7.37%), hurt by Dubai Investments (-8%) and DFM Company (-8.4%).
The real estate also fell by 1.2% after Arabtec and Emaar lost 6% and 0.74% respectively, while Damac rose by 2%.
The banks sector shed 2.9% pressured by DIB (-3.36%) and Emirates NBD (-2.13%).
The telecoms sector was 3.46% down after du declined to AED 5.850 from AED 6.060.
The weekly traded value declined to AED 2.3 billion from AED 2.9 billion, down 20.4%. Traded volume also decreased by 22.6% to 1.7 billion shares from 2.2 billion shares.
