By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) suffered losses on Tuesday, dragged down by the fall of transportation and investment stocks.
The main index tumbled 0.67% or 22.63 points to reach 3,336.76 points.
Speculators controlled Tuesday’s trades amid the anxiety of investors over third-quarter results and likelihood of Fed rate hike, capital market analyst Nawaf Al-Ajmi said.
The transportation sector fell 1.48% as Aramex retreated 2.34%. The investment sector sank 1.8% due to a decline in DFM Company by 2.5%.
The real estate sector slid 0.64% as Arabtec Holding and Emaar Properties decreased 2.22% and 0.7% respectively.
Banks’ Q3-16 results were “unsatisfactory” for most of the traders, raising concerns about the rest of companies’ financial announcements, the analyst noted.
The market saw trading of 419.2 million shares on Tuesday, compared to 344.62 million shares on Monday. Turnover reached AED 410.68 million, compared to AED 481.94 million.
Liquidity in Dubai bourse is still weak on the back of internal factors like Q3-16 profits, Al-Ajmi explained.
The main index is likely to continue its sideways trend between 3,334 and 3,350 points till the period of Q3 financial disclosures end, the analyst concluded.
Translated by: Julian Nabil
