By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index dropped by 1.5% to close at 2,713.93 points on Sunday, dragged down by selling pressure.
Global markets set the trend
Sunday’s downward performance synchronised with growing losses of the global stock markets, topped by the US, which registered the worst weekly closing in seven months, financial analyst at Menacorp Financial Services Essam Kassabia told Mubasher.
Investors have sold their blue-chip stocks until the vision for the global bourses and crude oil becomes clearer, he added.
Investment and real estate stocks
The investment sector topped the DFM’s fallers with 2.71% after Dubai Investments dipped 3.49% to AED 1.66.
The banks sector fell around 1.62%, pressured by the stocks of Dubai Islamic Bank (DIB) and the heavyweight Emirates NBD which plummeted 1.91% to AED 5.15 and 1.62% to AED 9.10, respectively.
The services sector retreated 1.62% as Tabreed declined by 3.75% to close at AED 1.54, while the real estate sector went down 1.60% after Emaar Properties levelled down 2.46% and Arabtec Holding decreased by 1.91%.
The transportation sector tumbled 1.47% as Gulf Navigation and Aramex levelled down 1.66% and 1.52%, respectively.
On the positive side, the insurance sector jumped 3.20%, encouraged by Islamic Arab Insurance Company’s (Salama) stock which surged 5.45% to finish at AED 0.697.
By the end of the first session of this week, the DFM’s trading volume reached 277.10 million shares from 284.21 million on Thursday, while the market’s liquidity amounted to AED 244.30 million, compared to 253.63 million.
Market capitalisation lost AED 3.62 billion to AED 358.78 billion, from AED 362.43 billion on Thursday.
Translated by: Ahmed Shehata
