By: Thabet Shehata
Dubai-Mubasher: Dubai Financial Market (DFM) saw a negative performance at close on Sunday due to a decline in Emaaar Properties, Dubai Investments and du, yet the banks sector trimmed the market’s losses.
The general index lost 0.09% or 2.64 points to reach 2,963.79 points.
The benchmark index saw resistance at 3,200 points on the short term, said Tarek Al Sawy, CEO at a financial consultancy firm.
The main gauge still targets 2,700-2,800 points on the medium and short term since the index is below 3,200 points.
Turnover dropped to AED 176.4 million ($48 million), compared to AED 390.67 million ($106.36 million). Trading volume declined to 163.5 million shares from 316 million shares.
DFM is suffering from low liquidity, Al Sawy said, adding that the markets is seeing speculations with the aim of achieving marginal gains amid anticipations for the companies’ annual financials.
The consumer staples sector fell 1.28%, followed by the investment sector, telecom and real estate sectors at 0.68%, 0.59% and 0.47%, respectively.
The banks sector was the only gainer after adding 0.8%.
Dubai Investments topped losers after declining 1.06%, followed by du and Emaar Properties at 0.59% and 0.2% in a row.
On the flipside, Emirates NBD, Dubai Islamic Bank and Arabtec Holding advanced 1.43%, 0.88% and 0.87%, respectively.
Translated by: Julian Nabil
