By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) closed the week ended Thursday, 27 April, in the red, pressured by its leading sectors, particularly real estate and investment.
The DFMGI shed 1.53% or 53.11 points to reach 3,416.71 points.
The investment sector lost 1.8% this week, after DFM Company and Dubai Investments declined 2.54% and 1.85%, respectively.
The real estate sector dropped 3.3%, pressured by Arabtec and Emaar Properties, while the telecom sector and its stock du fell 3% each.
UAE stock markets have endured a rough week, which ended with declining indices, prices, and turnover as companies continued to disclose first-quarter financial results, commented Jamal Ajaj, general manager at Al Sharhan Stock Centre.
Turnover reached AED 1.26 billion ($340 million) this week, down from AED 1.42 billion ($390 million) last week, while traded volume declined to 892.19 million shares from 1.13 billion.
Investment returns in the DFM have increased after stock prices retreated to attractive levels, Ajaj told Mubasher.
Forecasting a market trend for next week would be hard owing to the absence of market-boosting catalysts or news, the analyst added in a comment.
Meanwhile, analyst Amin Al Hennawy noted that the DFM’s closing this week was negative and is likely to prompt further declines next week.
The DFM has fallen below the level of 3,435 points for the first time since the start of 2017, which is likely to result in further losses towards 3,375 and 3,200 points, if a drop below 3,400 points is confirmed, the analyst told Mubasher.
However, maintaining a position above 3,400 points may open the way for a rise, he added.
Translated by: Nada Adel Sobhi
