By: Mahmoud Gamal
Dubai - Mubasher: The Dubai Financial Market (DFM) continued its negative run this week, dragged down by the fall of blue chips in the investment and banks sectors.
The DFMGI lost 1.33% or 46.89 points, closing at 3472.38 points.
Most investors leaned towards profit-taking on leading stocks, as negative sentiment continued regarding oil prices, which led to this week’s decline, analyst Mohamed Al-Azmi told Mubasher.
The telecomm sector led decliners this week, falling 4.6%, with Du losing at the percentage, followed by investment which shed 2.6% on the back of Dubai Investments’ 3.3% drop.
Similarly, the banks sector was down 1.4% with Dubai Islamic Bank (DIB), and Emirates NBD decreasing 1.5% and 1.4% respectively.
Real estate and transportations slipped 0.8% and 0.7%, respectively.
Traded value declined 35.5% to AED 1.17 billion from AED 1.82 billion. Traded volume was also down to 628.79 million shares from 926.18 million.
Current turnover rates indicate that investors are still reluctant to buy, and only aim at minimising losses until they have a clearer vision of the market, said Al-Azmi.
Translated by: Moslem Ali
