By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) concluded the last week in April in the red, dropping 2.6% or 91.9 points to 3,491.91 points compared to last week’s closing of 3,583.82 points.
UAE market analyst Mohammed El-Hosny commented that the maturity of annual dividends as well as the ongoing state of anticipation regarding Q1-16 financials have prompted many trades not to buy new stocks and maintain their status quo, resulting in the weekly negative performance.
Turnover retreated 34% to AED 2.5 billion from AED 3.78 billion last week, while traded volume dropped 45.2% to 1.8 billion shares traded against 3.28 billion shares last week.
Al-Hosny said he expects many stocks to see a positive rebound next week as investors remain on the lookout for banking and real estate sector companies’ financials.
The fact that the DFMGI maintained its position above the level of 3,485 points, technically indicates that it will keep its rising trend in the coming period, the analyst noted.
Market value fell by AED 6.5 billion to AED 310 billion from AED 316.49 billion last week.
The real estate sector led fallers, sliding 2.8% as Arabtec and Union Properties plunged 5.7% and 3.6%, respectively, whereas Emaar Malls and Emaar Properties gained 3.5% and 0.7%, respectively.
The banking sector shed 2.7% on the back of Dubai Islamic Bank’s (DIB) 4.7% slide after disappointing financial results.
In the meantime, the investment sector lost 2.5% after Dubai Investments declined 3.11%.
It is expected that the DFM will continue to see a jittery rise with traders increasing their positions in some stocks next week, the analyst told Mubasher, adding that the index will target the levels of 3,600 and 3,700 points respectively.
Translated by: Nada Adel Sobhi
