By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) saw a negative performance this week, dragged down by the fall of blue chips in the real estate, investment and banks sectors.
The main index slid 1.8% or 63.3 points to reach 3,307.72 points.
The market’s losses were mainly attributed to oil price rise above $50 per barrel amid fears over the US Federal meeting’s results and the upcoming Brexit referendum, capital market analyst Abdullah Al Hosani noted.
The real estate sector retreated 2.6% as Emaar Properties and Arabtec Holding lost 3.5% each.
The investment sector slid 2.4% after DFM Company fell 3.8%.
Turnover stood at AED 889.67 million this week, compared to AED 1.88 billion last week. Trading volume reached 1.27 billion shares, compared to 1.32 billion shares.
Current liquidity is still weak so the market needs to see investments in the medium and long term, Al Hosani noted.
The market should stabilise above 3,350 points to resume its upward trend, Al Hosani concluded.
Translated by: Julian Nabil
