By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) suffered further losses on Thursday, amid increased sales.
The general index fell 0.3% or 10.42 points to reach 3,520.17 points.
Fears over the possible decline of oil prices, in line with the fall of global stocks, pushed investors to liquidate stocks to keep their cash until the vision gets clearer, capital market analyst Mohamed Saeed told Mubasher.
Investors are awaiting the interest rate decisions of the European Central Bank and US Federal Reserve, in addition to Arabtec’s announcement of further details regarding its fiscal position, Saeed added.
The investment sector led losers with a 1.3% decline as SHUAA Capital, DFM Company, and Dubai Investments sank 4.12%, 1.5%, and 0.8%, respectively.
The banks sector slid 0.36% after GFH Holding and Dubai Islamic Bank (DIB) fell 1.6% and 0.9%, respectively.
On the flipside, the transportation sector went up 1.43% as Aramex gained 2.8%.
Trading volume reached 220.67 million shares on Thursday, compared to 381.99 million shares on Wednesday. Turnover amounted to AED 508.54 million, compared to AED 625.39 million.
Liquidity is still weak, reflecting traders’ anxiety and hesitation before making any transaction, Saeed said.
The main index is likely to fall to 3,200 points, the analyst noted.
Translated by: Julian Nabil
