By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a negative performance in the week ended 2 February 2016, amid the return of selling pressures on blue chips.
The DFMGI fell 1.5% or 55.06 points to reach 3,678.81 points.
Turnover amounted to AED 2.64 billion this week, compared to AED 4.14 billion last week. Trading volume reached 1.79 billion shares, compared to 3.01 billion shares.
Despite the rewarding annual dividends announced by some companies and profits which came in line with expectations, the market saw an unexplained decline, Jamal Ajaj, director of Al Sharhan Shares Centre in Abu Dhabi, told Mubasher.
The banks sector decreased 4.45% as Dubai Islamic Bank (DIB) and Emirates NBD levelled down 4.45% and 2.26% respectively.
Volatile performance of blue chips encouraged speculators to enter the market, thus negatively affecting the market’s performance, Ajaj added.
The investment sector retreated 1.3% as Dubai Islamic Bank (DIB) and Dubai Investments slid 3.03% and 1.6% respectively.
The real estate sector also tumbled 1.18% after Emaar Properties and Arabtec Holding sank 4.6% and 1.5% respectively.
Translated by: Julian Nabil
