By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) suffered further losses on Monday, weighed down by increased sales in six sectors led by the investment and real estate.
The main index fell 0.89% or 29.47 points to reach 3,272.37 points.
The UAE markets saw more selling pressures on the back of increasing political tensions in the region especially Iraq, capital market analyst Gamal Abdel Hamid said.
Traders are still cautious, yet the geopolitical changes pushed portfolio and individual investors to sell their blue chips, the analyst added.
The investment sector topped gainers after falling 1.9%, dragged down by Dubai Investments and SHUAA Capital which slid 2.5% and 1.9% respectively.
The real estate sector retreated 1.67% due to a decline in Emaar Properties and Arabtec Holding by 2.4% and 0.75% respectively. The transportation sector decreased 0.58% after Aramex went down 2.4%.
The banks sector was the top gainer with a 0.03% rise as GFH Financial Group went up 3.88%.
The market saw trading of 140.66 million shares through 2,726 transactions, with a turnover of AED 239.86 million.
The market’s closure above 3,250 points is a positive signal that the main index is likely to break above 3,300 points if new catalysts appear, Abdel Hamid noted.
Translated by: Julian Nabil
