By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index slipped 1.65 points, or 0.05%, to close at 3,204.91 points on Tuesday, on the back of profit-taking on blue chips, especially Emaar Properties and Dubai Islamic Bank (DIB).
The UAE’s markets are still dominated by speculations, which weighed on the DFM today, the financial analyst at Mena Corp Issam Kassabieh said.
The DFM’s performance is so poor, given the humble liquidity, which can be accounted for partially by Donald Trump’s, the US President, recent statements regarding the imposing of fees on some imports enter the American market, Kassabieh added.
The services sector lost 1.12% after Tabreed tumbled 2.8% to AED 1.74, while the transportation sector levelled down 0.66%, as Air Arabia and Aramex fell 0.7% and 0.6%, respectively.
The real estate sector also declined 0.18% after Emaar Development and Arabtec Holding sank 1.14% and 0.82%, respectively.
The banks sector inched down 0.07%, as DIB decreased by 0.18% to AED 5.59.
On the other hand, the investment sector rose 1.1% after Dubai Investments grew 1.83% to AED 2.23.
The DFM’s trading volume shrank to 218.86 million shares from 252.94 million on Monday, while the market’s liquidity dropped to AED 229.82 million through 2,771 transactions, versus AED 310.65 million in the previous session.
GFH Group shed 1.4% and topped the DFM in terms of volume after 50.52 million of the group’s shares were traded, generating AED 72.28 million.
Ithmaar Holding plunged 9.92%, and led the market in terms of liquidity, with a turnover of AED 99.38 million and 46.93 million traded shares.
The market will recover gradually over the coming sessions, based on the listed companies’ positive disclosures, the analyst concluded.
Translated by: Muhammad Khalid
