Dubai – Mubasher: The Dubai Financial Market (DFM) closed Thursday lower amid quick profit-taking
The general index slipped 0.10% to 2,514.36 points. Turnover grew to AED 151.37 million on Thursday from AED 124.65 million on Wednesday, while traded volumes more than doubled to 78.94 million shares versus 31.68 million.
A number of stocks weighed on the DFM’s general index, led by DXB which lost 1.6%, while DAMAC Properties decreased 0.8%, following a downgrade by Bank of America Merrill Lynch, which also forecast a decline in profits and sales.
Dubai Investments’ stock shed 0.77% to AED 1.29, while Emaar Properties dropped 0.48% to AED 4.11, while Gulf General Investment Co. (GGICO) retreated 5.14%.
In addition, SHUAA Capital, Emaar Development, Aramex, and Gulf Navigation fell 1.84%, 1.32%, 0.73%, and 0.12%, respectively.
On the other hand, the banks sector added 0.26% after Dubai Islamic Bank (DIB), the heaviest weighted stock in the index, gained 0.39%, while Emirates NBD increased 0.22%.
Other stocks, where analysts have projected strong annual results, also close Thursday in the green, led by GFH and Arabtec Holding, which added 0.57% and 0.48%, respectively.
