By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) hit its lowest level in three months, suffering the highest losses since 2 June.
The main index fell 1.9% or 66.3 points to reach 3,408.06 points.
The market’s decline was mainly driven by the fall of Saudi bourse as a result of the recent austerity measures taken by the Kingdom, in addition to the US Congress’s vote last week to allow relatives of victims of the September 11 attacks to sue KSA, according to Jamal Ajaj, director of Al Sharhan Shares Centre.
Despite the approach of third-quarter financial announcements and the rise of oil prices and global stocks, portfolio investors preferred to make profit-taking on the stocks that witnessed gains in the past sessions, Ajaj added.
The consumer staples sector led losers after falling 3.16%, weighed down by DXB Entertainments which slid 3.16%.
The real estate sector also declined 2.64% as Emaar Properties and Arabtec Holding decreased 2.8% and 2.2% respectively.
The investment sector retreated 1.9% after DFM Company decreased 3.05%.
The banks sector also sank 1.3% due to a decline in Dubai Islamic Bank (DIB) by 2.2%.
Dubai’s bourse is likely to maintain its fall towards 3,380 points, according to technical analyst Ahmed Al-Zahouri.
Translated by: Julian Nabil
