By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) closed Thursday, the last trading session of the week, in the red, deepening its morning losses amid strong selling on leading stocks.
The DFMGI retreated 0.88% or 31.26 points to 3,509.34 points. Turnover reached AED 280.96 million after 201.29 million shares changed hands through 3,163 transactions.
The industry sector led fallers, losing 2.82% after National Cement saw a similar decline. The investment sector lost 1.45% as DFM Company and Dubai Investments shed 2.4% and 1.18%, respectively.
The real estate sector was down 1.2% after Arabtec and Emaar retreated 2.39% and 1.36%, respectively.
Moreover, the transport sector decreased 1.09% after Gulf Navigation, Aramex, and Air Arabia dropped 3.38%, 0.94%, and 0.93%, respectively.
Profit-taking on leading and defensive stocks continued on Thursday, while oil and global markets began a technical correction, commented market analyst Nawaf Al Ajami, noting that these factors were the main reasons for the DFM’s losses on Thursday.
Nearing the level of 3,500 points will prompt the DFMGI towards further losses, whereas exceeding 3,550 points will result in stability and attracting liquidity, the analyst told Mubasher.
Al Ajami expects UAE markets to extend their jittery performance on Sunday until more companies disclose their first-quarter financials.
Translated by: Nada Adel Sobhi
