By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index inched up 0.89 points, or 0.03%, to close at 2,929.06 points on Sunday on the back of blue chips.
The slight increase of the DFM today is the result of investors’ appetite for blue chips, whose prices have reached attractive levels, senior financial analyst at Mena Corp Issam Kassabieh told Mubasher.
However, trading volume declined, which reflects most investors’ concerns over listed companies’ potential losses due to Abraaj’s crisis.
Earlier in June, Abraaj Group filed for liquidation, as a response to a group of liquidation petitions.
The private equity company was accused of mishandling a $1 billion healthcare fund and audits discovered that the UAE-based company commingled investor funds with its own money in the healthcare fund.
Both the investment and real estate sectors shed 0.12%, as Arabtec Holding tumbled 3.4% to AED 2.14 and Damac Properties lost 0.87% to AED 2.33, while Dubai Investments declined 0.5% to AED 2.01.
The transportation sector edged up 0.09% after Gulf Navigation added 1.03%, while the banks sector gained 0.06%, as Dubai Islamic Bank (DIB) went up 0.2% to AED 5.02.
On the other hand, the consumer staples sector decreased by 1.23% after DXB Entertainments sank 1.4% to AED 0.361.
The DFM’s trading volume reached 93.99 million shares, while the market’s liquidity amounted to AED 134.87 million.
Translated by: Muhammad Khalid
