By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) suffered losses on Tuesday, backed by selective purchases of banks and investment stocks.
The main index fell 0.03% or 1.07 points to reach 3,376.75 points.
The investment sector led losers with a 0.39% decline as SHUAA Capital levelled down 4.96%.
The banks sector increased 0.17% as Emirates NBD and Ajman Bank grew 2.5% and 1.74%, respectively.
On the flipside, the real estate sector fell 0.27% as Arabtec Holding and Drake and Scull International (DSI) declined 5.5% and 5%, respectively.
The transportation sector fell 0.27% as Air Arabia and Aramex retreated 0.9% and 0.7%, respectively.
Trading volume reached 331.42 million shares on Tuesday, compared to 1.4 billion shares on Monday. Turnover amounted to AED 378.93 million, compared to AED 482.37 million.
First-quarter financials announced on Tuesday were below expectations; thus, leading to significant speculations and volatile UAE stock markets, technical analyst Mohammed Al Shammari told Mubasher.
Losses incurred by Drake and Scull International (DSI) in Q1-17 caused a lack of visibility in the UAE markets, Al Shammari added.
Translated by: Julian Nabil
