Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index levelled down 1.16% or 41.44 points to 3,544.08 points on Monday, registering its lowest level in three months.
Blue chips led the DFM’s losers, headed by Dubai Investments, which sank 3.8% to AED 2.47, while DAMAC fell 2.05% to AED 3.82.
Emaar Properties declined by 1.83% to AED 8.04, its lowest level in four months, while Dubai Islamic Bank (DIB) tumbled 0.6% to AED 6.01.
Political tensions in Saudi Arabia have negatively affected the UAE’s stock markets, technical analyst at the African Economic Council Mona Mostafa told Mubasher.
The DFMGI dropped on Monday to 3,544 points on the back of the Saudi news, which accelerated the decline, Mostafa added, noting that UAE bourses close before the Saudi Stock Exchange (Tadawul).
On Monday, the Tadawul All Shares Index (TASI) erased its early morning losses and rebounded from a support range which may result in a sideways movement as the market awaits new catalysts, Mostafa explained.
Tadawul’s performance has prompted further losses across GCC stock markets to more losses, the analyst added.
Tuesday’s session is expected to have a calm opening on the DFM, but end the session down, Mostafa forecasted, indicating that in the event of a decline, the index will likely enter a strong profit-taking wave that could drag the DFMGI down to 3,464 points.
The DFM’s trading volume jumped to 234.83 million shares, compared to 166.22 million shares on Sunday, while the market’s turnover surged to AED 436.13 million versus AED 272.20 million in the previous session.
