By: Mahmoud Gamal
Dubai – Mubasher: The general index of the Dubai Financial Market (DFM) declined 63.64 points, or 2.47%, to close at 2,509.81 points, in the week ended Thursday, 20 December, marking its lowest level in three years.
The sharp decline stemmed from a group of selling transactions on blue chips on anticipation of the global market impact of the Fed’s decision to increase interest rates.
The transportation sector tumbled 3.9% after Gulf Navigation retreated 7.41%, while Aramex and Air Arabia declined 4.78% and 2%, respectively.
The real estate sector went down 3.24%, as Emaar Properties lost 3.2% and Arabtec Holding shed 1.01%.
The insurance sector sank 4.42% after Salama dropped 9.43%, while the banks sector levelled down 2.36% after Dubai Islamic Bank (DIB) shed 3.28% and Emirates NBD decreased 1.8%. Moreover, Dubai Investments declined 2.33% and Shuaa Capital plunged 11.04%, dragging down their sector to by 1.32%.
The uncertainty dominating the market is likely to endure, as many factors could interrupt any correction, including the Fed’s decision regarding interest rates and the decline in oil prices, vice president of Investment Research at KAMCO Raed Diab told Mubasher.
Translated by: Muhammad Khalid
