By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) closed Wednesday in the red, its third decline in a row, amid growing investor concerns regarding companies who have not announced their exposure to soon-to-be liquidated Abraaj Group.
The DFMGI shed 0.74% or 21.12 points to close at 2,814.89 points. Turnover amounted to AED 253.53 million after 205.76 million shares changed hands versus AED 220.47 million and 290.57 million shares on Tuesday.
The consumer staples sector led the DFM’s fallers, sliding 2.68% after its stock DXB declined 2.9% to AED 0.325, while the real estate sector shed 1.15% as Drake and Scull International (DSI) plunged 10% to AED 0.729 and Emaar Properties shed 1.8% to AED 4.9.
The transport sector lost 0.73% after Gulf Navigation Holding retreated 4.12% to AED 0.930, while the banks sector fell 0.64% after Amlak Finance’s stock tumbled 5.5% to AED 0.701 and Emirates NBD and Dubai Islamic Bank (DIB) were down 0.72% and 0.4%, respectively.
Commenting on the DFM’s performance on Wednesday, head of investment research at KAMCO Raed Diab said that the Dubai market had continued its decline amid lacking incentives and foreign investments added to falling liquidity.
The Abraaj Group issue has also played a major role in the declines seen on the DFM as many companies have been exposed to the company or have collaborated with it in terms of investments, Diab told Mubasher.
From a technical perspective, Diab said that Wednesday’s decline brings the DFM below 2,870 points, which indicates a negative trend that may lead to further losses towards 2,800 or even 2,700 points.
Translated by: Nada Adel Sobhi
