By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) closed Sunday in the red, marking its fastest daily plunge in five months, or since 20 June, pressured by a collective decline of its sectors, led by real estate and banks.
The DFMGI dropped 1.01% or 36.72 points to close the session at 3,585.52 points.
The DFM was impacted by the performance of the Saudi Stock Exchange (Tadawul) on Sunday, which plummeted during Sunday’s trades on the back of decisions taken against a number of Saudi princes including Al-Waleed bin Talal, said UAE market analyst Manaf Almallouhi.
The Saudi anti-corruption committee, formed late Saturday under a decree by Saudi King Salman and headed by prince Mohammed bin Salman, issued arrests against several princes and former ministers.
The Saudi market’s rebound towards the end of the session and its ability to erase some the losses it incurred earlier in the session and close in the green will likely have a positive impact on the opening of the UAE’s bourses on Monday, the analyst told Mubasher.
The DFMGI is currently moving between its bi-weekly levels of 3,560 and 3,680 points, the analyst noted, indicating that the level of 3,560 points is a good market re-entry point.
The investment sector fell 1.7% after DFM Company and SHUAA Capital retreated 2.6% and 1.72%, respectively to AED 1.14 each, while Dubai Investments lost 1.5%.
The real estate sector was down 1.18% at the closing of Sunday’s session, weight by Drake & Scull International’s (DSI) 4.5% drop to AED 1.9, while Arabtec Holding and Emaar Properties shed 2.4% and 1.4%, respectively.
The banks sector levelled down 0.9% after GFH and Emirates NBD tumbled 4.3% and 2.4%, respectively.
Turnover on the DFM amounted to AED 272.20 million after 166.22 million shares were exchanged against AED 213.42 million and a volume of 126.28 million shares on Thursday.
The DFMGI is likely to rebound in the coming sessions, Almallouhi noted, stressing that the index’s direction will be heavily bound by geopolitical events and updates.
Translated by: Nada Adel Sobhi
