By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index closed in the red zone on Tuesday, weighed down by real estate and banks sectors.
The DFMGI lost 1.11%, or 38.7 points, to 3,393.74 points, which is its lowest level in a month.
The market performance was not satisfying today as investors wait cautiously for the results of the GCC summit in Kuwait, Mena Corp financial analyst Issam Kassabieh told Mubasher.
The investments sector went down 2.2% after SHUAA Capital shed 2.6% to AED 1.1, and Dubai Investments lost 2.5% to AED 2.35.
The real estate sector levelled down 1.68% after Arabtec Holding dropped 3.7% to AED 2.33, while Drake and Scull International (DSI) sank 1.6% to AED 1.87.
The recent news from Yemen stoked investors’ concern, which propelled them to reduce their trading on Tuesday, Kassabieh added.
On Tuesday, the DFM’s trading volume nearly halved to 137.22 million shares from 253.4 million shares on Monday, while the market’s turnover declined to AED 279.6 million, compared to AED 578.1 million in the previous session.
The launch of ADNOC Distributions’ IPO on 6 December will boost the market’s liquidity, hence we should wait for a growth on the DFMGI in the coming sessions, the analyst concluded.
Translated by: Muhammad Khalid
