By: Mahmoud Gamal
Mubasher: The main index of the Dubai Financial Market (DFM) lost 0.34% or 12.5 points to end February at 3,630.34 points as compared to the previous month.
The DFM’s performance during the month was affected by the real estate sector, which led the decliners with 1.55% in line with the 31.9% drop of Arabtec, as well as the 9.2% fall of DSI.
Arabtec’s net losses during fiscal year 2016 increased to AED 3.512 billion from AED 2.778 billion in FY15.
Some of the blue chips saw a negative performance in February, reflecting on the DFM’s overall trend, capital market analyst Jamal Ajjaj said.
He noted that the second half of the month witnessed confusion among traders, following the disclosure of Arabtec’s financial statements.
DFM’s main index has a chance to target the 3,700-point level, from which the index can reach 4,000 points in the coming period, according to technical analyst Amin Al Hennawy.
At the gainers’ level, the investment segment went up 4.5%, backed by DFM Company and Shuaa Capital which rose by 13.2% and 9.9%, respectively.
During February, liquidity shrank to AED 10.58 billion from AED 15.83 billion in January, as trading volume decreased to 8.58 billion shares from 12.96 billion in the previous month.
