By Thabet Shehata
Dubai – Mubasher: Dubai Financial Market (DFM) showed negative performance this week, as it weighed by a decline in most main sectors, while telecom sector bucked the downtrend.
The main index lost 2.11% or 69.2 points this week to end at 3,204.11 points, compared with 3,273.30 points last week.
The region’s markets continue to be dominated by caution, which reflects negatively on liquidity, said Waddah Al Taha, analyst, adding that investors’ worries arise from continued fall in oil prices, in addition to unfavorable estimates for companies’ results for the last quarter of 2015.
The weekly turnover fell to AED 1.09 billion, down 44% from AED 1.95 billion last week. Traded volume also decreased by 38.8% to 968.6 million shares from 1.58 billion shares.
Fadi Ghatis, CEO of THINK, said the decline in trading activity recently shows dominance by minor speculators amid lack of investment role.
DFM will find support at 3,2120 points, while Abu Dhabi bourse will have support at 4,200 points, according to the expert.
The real estate sector was the biggest loser, with a fall of 3.5%, after Emaar and Arabtec went down by 4.54% and 5.83% respectively.
The investment sector came second, with a fall of 2.9%, pressured by Dubai Investments and DFM Company that sagged 2.9% and 2.6% in a row.
The banks sector lost 0.78% hurt by Amlak, Ajman Bank and Mashreq.
Meanwhile, the telecom sector rose by 0.2%.
Translated by Sayed Abdel Rahman
