By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index fell 1.5% to finish the first week in March at 2,594.52 points, from 2,635.78 points in the prior week, pressured by a series of profit-taking deals and putting an end to the upward trend over the previous weeks.
Top decliners
The real estate sector led fallers and dropped 4.4% over the week after Emaar Properties declined 3.85%, while Emaar Malls and Emaar Development retreated 7.7% and 7.33%, respectively, amid a wave of anticipation ahead of the announcement of cash dividend distribution for 2018.
In addition, Damac Properties and Arabtec Holding declined 3.5% and 1.4%, respectively.
Meanwhile, the banks sector slid 3.5% in the week ended 7 March as Emirates NBD and the heavyweight Dubai Islamic Bank (DIB) went down 6.7% and 1.9%, respectively.
DIB approved cash dividends distribution lower a year earlier payments as part of its plans to increase capital in line with Basel III standards.
The investment sector fell 1.25% as DFM Company shed 5.06%, while Shuaa Capital declined 2.7%.
In addition, the transportation sector declined 1.3%, after Air Arabia and Aramex went down 1.69% and 1.14%, respectively.
Anticipation
The DFM has been significantly dominated by anticipation ahead of the cash dividend distributions and witnessed a wave of profit-taking deals after the stocks hit record highs in the prior weeks, CEO of MindCraft Consultants, Fadi El-Ghattis, told Mubasher.
El-Ghattis expected the DFM to continue moving in a narrow range until the emergence of new market-boosting incentives related to cash dividend distribution, especially for Emaar Properties.
Translated by: Zeinab Adel
