By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) declined in the week ended 26 October for the first time in three successive weeks amid lower trading volumes, in addition to the anticipation of companies’ financial results.
Real estate and banking stocks dragged the DFMGI down by 0.6% or 14.26 points to close at 3,651 points.
The real estate sector sank 1.8% after Emaar Properties levelled down 3.2% following the controversy that arose from circulated news of the company's upcoming initial public offering (IPO) of its unit Emaar Development.
The DFM was affected negatively by the unclear news concerning Emar Development’s IPO, which were clarified but too late, financial analyst Manaf Almallouhi told Mubasher.
Arabtec Holding was among the market’s losers, shedding 1%.
The banks sector went down 0.2% after GFH tumbled 2.3% and Emirates NBD lost 0.6%.
On the other hand, the top gainers over the week were the investment sector’s stocks, led by Dubai Investments, which jumped 3.6%.
The “remarkable” increases of Dubai Investment’s stock resulted from the company’s announcement of a plan to acquire Emicool, Almallouhi commented.
The companies, which did not disclose their financial results yet, will affect the DFM’s performance in the coming week, the analyst added.
By the end of the week, the DFM’s trading volume reached 1.42 billion shares, compared to 2.11 billion shares in the week ended 19 October, while turnover amounted to AED 2.12 billion versus AED 2.54 billion the week before.
Translated by: Muhammad Abdulwakeel
