By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) closed Tuesday in the red, marking the seventh straight fall, and losing AED 3.24 billion in market capitalisation, amid concerns regarding the real estate sector’s upcoming financial results and annual dividend distributions.
By the end of Tuesday’s session, the DFMGI dropped 1.45% or 36.73 points and closed at 2,490.55 points.
Market capitalisation was down by AED 3.24 billion to AED 337.97 billion from AED 341.22 billion on Monday.
Selling across the DFM on Tuesday was widely expected amid limited news regarding the market’s real estate sector, senior market analyst at MenaCorp Essam Kassabieh said, noting that there were fears that sector’s prices would drop across the country.
Such forecasts are likely to impact dividend distributions for the DFM’s property sector companies, particularly DAMAC, Kassabieh told Mubasher.
The consumer staples sector led fallers, sliding 4.43% after DXB dropped 5.1%, while the investment sector decreased 1.9% after Dubai Investments and SHUAA Capital lost 2.33% and 1.08%, respectively.
Similarly, the real estate sector shed 1.9% after DAMAC Properties plunged 9.8%, while Deyaar, Emaar, and Arabtec, retreated 4.8%, 1.51%, 1.48%, respectively.
Meanwhile, the banks sector shed 1.3% after Emirates NBD, GFH, and Dubai Islamic Bank (DIB), sank 2.7%, 3.98%, 0.8%, respectively.
Turnover amounted to AED 125.13 million on Tuesday after 105.45 million shares changed hands through 2,050 transactions.
