By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) closed Wednesday’s trading session in the red, weighed by selling pressures on its blue chips in the real estate, banks, and investment sectors.
The DFMGI shed 0.72% or 22.95 points and closed at 3,181.96 points, its lowest level since 29 February 2016.
UAE bourses continue to move in a sideways-to-falling trend due to the absence of local incentives, commented senior sales trader at Mubasher Financial Services (MFS) Mohab Maher.
There is a number of reasons behind the weak performance, chief among them is weak investor confidence, which has prompted several exits from UAE stocks, the analyst told Mubasher.
Consumer staples, insurance in the lead
The consumer staples sector led fallers, losing 2.09% after DXB Entertainment dropped 2.5% to AED 0.551, while the insurance sector followed, falling 1.16%, pressured by Dar Al Takaful’s 2.5% decline to AED 0.702, and Salama Insurance’s 2.33% loss.
The real estate sector also shed 1.01%, after Deyaar, Emaar Properties, and Arabtec Holding retreated 2.4%, 1.4%, and 1.23%, respectively, while the investment sector decreased 0.94% after Dubai Investments tumbled 1.34% to AED 2.2.
The banks sector lost 0.31% on the back of Dubai Islamic Bank (DIB), which declined 0.54% to AED 5.56.
On the positive side, the services sector increased slightly by 0.23% after Tabreed added 0.58% to AED 1.75.
Higher trading
Turnover grew to AED 259.85 million on Wednesday, from AED 229.82 million on Tuesday, while traded volume increased to 257.05 million shares against 218.86 million. A total of 2,331 transactions were executed.
Union Properties’ stock, which ended Wednesday unchanged, led in value and volume with AED 112.84 million and 125.38 million shares traded.
Gains on UAE bourses in the coming period around by market-boosting catalysts, Maher concluded.
Translated by: Nada Adel Sobhi
