By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) continued its negative performance this week, pressured by declines in the transport, banking and real estate sectors.
The DFMGI shed 0.6% or 19.5 points and closed at 3,278.93 points.
Turnover jumped to AED 2.55 billion (690 million) this week from AED 1.31 billion ($360 million) last week. Similarly, traded volume increased to 1.922 billion shares traded compared to 819.57 million.
Traders and investors sought to decrease their market positions this week on the backdrop of the US presidential elections and their results, confusion in global markets added to the decline in oil prices, which have resulted in the DFM’s negative performance, market analyst Gamal Mady told Mubasher in a comment.
The transport sector was down 1.66% on Air Arabia, which dropped 3%, while the banking sector shed 0.43% after Dubai Islamic Bank (DIB) declined 0.77%.
The real estate sector lost 0.34%, pressured by Emaar Properties’ 1.03% fall. The investment sector levelled down 0.35% after DFM Company and Dubai Investments retreated 0.8% and 0.5%, respectively.
UAE markets are likely to rise once more next week as portfolios begin to rearrange their investments and after overcoming the shock of Donald Trump’s victory in the US presidential elections this week, Mady added.
The analyst advised traders to avoid increasing their positions until the DFMGI secures a position above 3,300 points for several sessions.
Translated by: Nada Adel Sobhi
