By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) closed Thursday, the first trading session in the holy month of Ramadan, on a low note, amid significantly calm trades.
The DFMGI fell 0.65% or 18.97 points to close at 2,912.62 points, marking its second straight loss.
Trading during Ramadan is known to be quite calm, especially in the first sessions of the month, commented Mohab Maher, senior sales trader at Mubasher Financial Services (MFS), indicating that Thursday’s decline was therefore understandable, if not expected.
We may see some selective buying in the coming period on stocks like Emaar Properties after its subsidiary Emaar Development was included in the Emerging Markets Index recently, the analyst told Mubasher.
Turnover fell to AED 202.46 million from AED 300.16 million on Wednesday, while traded volume decreased to 114.81 million shares from 194.89 million in the previous session.
Maher further noted that UAE bourses were currently lacking in incentives particularly after the period for disclosing financial results ended.
The real estate sector led the DFM’s fallers, losing 0.92% after Emaar Malls dropped 1.9% to AED 2.06, while the transport sector shed 0.8% after Aramex declined 1.5% to AED 3.81.
The services sector lost 0.71% after Tabreed fell 1.72% to AED 1.71, while the banks sector tumbled 0.60% as Emirates NBD was down 1.01% to AED 9.8 and Dubai Islamic Bank (DIB) shed 0.6% to AED 4.8.
On the positive side, the consumer staples sector rose 0.49% after DXB gained 0.54%, while the investment sector added 0.15% after the DFM Company increased 0.9% to AED 1.02.
Translated by: Nada Adel Sobhi
