By Thabet Shehata
Dubai – Mubasher: Dubai Financial Market (DFM) ended Wednesday’s session in the red zone, after seeing the second biggest one-day losses in five months, as main sectors tumbled weighed by bearish sentiment in the regional markets and amid continued fall in oil prices and global bourses.
The main index lost 4.6% or 127.2 points to end at 2,638.76 points; thus offsetting yesterday’s gains.
Oil prices fell on Wednesday after IEA issued a report warning against a surge in oil supply this year following the lifting of sanctions against Iran.
Traders’ sentiment was negatively affected today by the oil fall and rising worries about oil supply and China’s economy, said capital market analyst Amir Al Mansour.
Today’s traded value fell to AED 417.5 million ($113.7 million), from AED 591.76 million ($161 million) on Tuesday. Traded volume decreased to 338.7 million shares, from 591.76 million shares.
Abdullah Al Jabali, technical analyst, said the oil slump is likely to weigh on corporate financial results for the year 2015, as the decrease in public spending caused cancellation of several projects.
The investment sector led decliners with a fall of 7.6%. Real estate came second, with a drop of 5.77%, while banks lost 3.5% and telecoms tailed the list with a decline of 1.36%.
Dubai Investments was the worst performer, with a slump of 9.47%, followed by Arabtec and Emaar that lost 7.7% and 5.17% respectively. DIB and Emirates NBD pulled back by 5.5% and 2.27% respectively.
Translated by Sayed Abdel Rahman
