By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a bearish performance on Thursday, dragged down by sales of blue-chip and defensive stocks.
The DFMGI reached 3,682.81 points after losing 1.16% or 43.12 points; its highest losses since mid-November.
Traders are anxious over the remaining results of blue chip companies especially in the real estate sector, following the announcement of lower-than-expected financials on Thursday, capital market analyst Mohamed Ismail told Mubasher
The transportation sector led losers with a 4.2% decline as Air Arabia retreated 8.6%. The investment sector declined 1.43% after Dubai Investments slid 2.3%.
The real estate sector levelled down 1.14% after Arabtec Holding and Emaar Properties tumbled 3.6% and 0.5% respectively.
The banks sector decreased 0.3% as Dubai Islamic Bank (DIB) sank 0.5%.
Stability of the main index above 3,680 points is a good sign despite the market’s decline on Thursday, Ismail added.
Traders are likely to direct their liquidity towards stocks with good annual dividends in the coming sessions, the analyst noted.
Translated by: Julian Nabil
