By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) has fallen to its lowest level in three months on Thursday, pressured by the decisions recently taken by US president Donald Trump on the trade war against China.
The DFM’s general index dropped 30.26 points, or 1.48%, to 2,672.61 points, the lowest level since 2 February.
Profit-taking
The Emirati stocks have maintained the bearish trend due to the profit-taking trend they saw over the past period, as well as the negative performance of the global stock market, including the US, vice president of investment research at KAMCO told Mubasher.
The global markets have been weak, affected by the US-China trade war and the recent geopolitical tension between the US and Iran, Raed Diab highlighted.
The bourses are likely to be more volatile until the emergence of new market-boosting catalysts that may change the current trend, Diab projected.
He added that the local markets are still facing obstacles despite the positive announcement of listed-firms’ financials for the first quarter of 2019, mainly robust quarterly profits of the banks sector.
Sectors performance
The real estate sector has led top the losers with 2.35% as Damac Properties and Emaar Properties dropped 5.4% to AED 1.07 and 2.8% to AED 4.5, respectively.
Meanwhile, the insurance sector fell 1.88% as Dubai Islamic Insurance and Reinsurance Co’s (AMAN) stock and Dar Al Takaful slipped 2% and 0.72%, respectively.
Likewise, the banks sector fell 1.45%, dragged down by Emirates NBD which lost 2.54% and the services sector declined 1.09% as Amanat Holding’s stock levelled down 0.97% to AED 1.02.
The transportation sector tumbled 1.05% as Aramex fell 1.92% to AED 4.6,
DFM’s turnover
The bourse’s turnover amounted to AED 122.72 million as 89.21 million shares were exchanged through 2.048 transactions.
Dubai Islamic Bank, down 0.9% to AED 5.13, was the most actively traded stock in terms of liquidity with around AED 22.77 million, while Deyar Development, dipped 3.4% to AED 0.344, was the most active stock in terms of trading volume.
Translated by: Mai Ezz El-Din
