By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) closed Sunday down, dropping to a three-month low.
The general index (DFMGI) retreated 1.12% or 39.25 points to close at 3,480.92 points, its lowest level since 7 December.
Investors’ profit-taking alongside declines by blue chip stocks and portfolio withdrawals from the market were the main reasons behind today’s decline, capital market analyst Gamal Mansi told Mubasher.
The results of Arabtec’s board meeting, a highly anticipated event by investors and traders alike, was also among the reasons, particularly as the Dubai-listed construction company is the first major firm to suffer several successive losses and setbacks, the analyst highlighted.
From a technical perspective, falling below the important support level of 3,500 points was among the reasons for Sunday’s declines, Mansi added.
The investment sector led losers on Sunday, falling 3.6% after Dubai Investments slid 6.45% and DFM Company lost 2.2%.
The real estate sector lost 1.37%, after Arabtec and Emaar Properties tumbled 1.85% and 1.36%, respectively.
The transport sector shed 1.02% as Aramex declined 1.82%, while the banks sector slipped 0.26% after Emirates NBD fell 1.2%.
Turnover reached AED 563.12 million on Sunday, up from Thursday’s AED 508.54 million, while traded volume reached 293.38 million shares compared to the previous session’s 220.67 million.
The recent declines in DFM-listed stocks has pushed them to attractively low price levels, Mansi told Mubasher.
The DFMGI will likely see a positive rebound on Monday, allowing it to surpass the level of 3,500 points, the analyst added.
Translated by: Nada Adel Sobhi
