By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index lost 6.3 points, or 0.21%, to close at 2,925.74 points on Tuesday, pressured by profit-taking.
The DFM’s trading volume reached 90.97 million shares, while the market’s liquidity hit AED 71.59 million.
The UAE markets are still in need of liquidity, a need that stemmed from the listed companies and banks exposure to Abraaj, capital markets director at FFA Dubai Marie Salem told Mubasher.
The number of Dubai- and Abu Dhabi-listed firms that are not exposed to the ailing private equity firm Abraaj Group amounted to 118, while the exposed reached 14 firms, with total exposures of AED 2.46 billion.
Abraaj Capital’s management has been accused of money misusage and the company filed for liquidation.
Investors’ confidence in the market has become so low that the positive disclosures of some listed companies did not make any positive impact on it, Salem said.
We hope that markets see more liquidity and restore their activeness by the end of the summer, the analyst noted.
The telecommunication sector and its only stock, du, shed 0.8%, while the banks sector declined 0.4%, as Emirates NBD and Dubai Islamic Bank (DIB) went down 0.5% and 0.4%, respectively.
The insurance sector decreased by 0.4% after Aman shed 2.14% to AED 0.685 and the transportation sector sank 0.15%, as Aramex fell 1.16% to AED 4.25.
The real estate sector inched down 0.02%, as Emaar Properties levelled down 0.2% to AED 5.24.
Translated by: Muhammad Khalid
