By: Bedour Alraei
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a negative performance on Monday, although most heavyweight companies achieved positive results.
The main index declined for the second session and lost 0.77% or 27.68 points to reach 3,585.91 points, hitting its lowest level in 18 sessions.
The market saw trading of 167.70 million shares on Monday, generating AED 264.554 million.
The telecom sector fell 1.40% as du retreated 1.40%. The real estate sector also declined 0.83% after Drake and Scull International (DSI), Arabtec Holding, and Emaar Properties sank 3.18%, 2.70%, and 0.60%, respectively.
The banks sector slid 0.60% as Commercial Bank of Dubai (DIB) and Dubai Islamic Bank (DIB) retreated 1.23% and 0.82%, respectively.
The market surprised traders after breaking important levels, Jamal Ajaj, director of Al Sharhan Shares Centre in Abu Dhabi, told Mubasher.
Some stocks reached low-priced levels, like GFH Financial Group, despite their positive results.
GFH saw a turnover of AED 80.06 million generated from the exchange of 42.30 million shares.
The fall of some important stocks like Emaar, Dubai Islamic Bank (DIB), and Damac Properties was unjustified, Ajaj said.
DFM is expected to enter a correction phase within the range of 3,600-3,550 points, following an upward trend the main index started from 3,300 to 3,350 points, Fady Al-Ghattis, CEO of Topsy Turvy, said.
Translated by: Julian Nabil
