Dubai – Mubasher: The Dubai Financial Market’s general index (DFMGI) opened Sunday’s trades on a negative note, amid pressure from four sectors led by consumer staples and real estate.
By 10:55am UAE time, the DFMGI declined 0.40% or 13.89 points to 3,506.28 points, in line with analysts’ expectations.
The consumer staples sector lost 2.13% after DXB Entertainments lost 1.4%, while the transport sector shed 1.71% on the back of Aramex’s 3.6% drop.
The real estate sector decreased 0.8% after Arabtec retreated 1.74%.
Earlier on Sunday, analysts told Mubasher that they expected the market to be significantly influenced by Arabtec’s performance ahead of a board meeting scheduled for later in the day.
The board will discuss the continuity of the business along with a capital restructuring programme.
“The blue-chip Arabtec is having a negative influence on the trend of the DFM, especially after the shocking financial results of fiscal year 2016”, capital market analyst Amin Al Hennawy told Mubasher.
Purchasing Arabtec’s stock in this time will put investors at risk, the analyst added.
Turnover reached AED 109.13 million after 57.34 million shares were traded through 973 transactions.
