By: Mahmoud Gamal
Dubai-Mubasher: The Dubai Financial Market (DFM) reversed the uptrend it maintained for three successive weeks.
The general index slid 0.7% or 29.9 points to reach 3,519.27 points this week.
The market was weighed down by investors’ tendency to decrease their positions in blue chips, in addition to lower oil prices, capital market analyst Wael Al Muhaisen noted.
The insurance sector led losers with a 3.2% decline as Dar Al Takaful retreated 5.2%. Similarly, the investment sector slipped 2.8% after Dubai Investment tumbled 2.7%.
The real estate sector decreased 1.9% after Emaar Properties and Arabtec Holding lost more than 2%. The banks sector slid 2% as Dubai Islamic Bank declined (DIB) 0.36%.
Al Muhaisen said that the market saw normal profit-taking coupled with external pressures.
Some portfolio investors tended to increase their positions in the transportation and services stocks, Al Muhaisen explained.
As a result, the transportation sector topped gainers after adding 4.1% as Aramex increased 12.6%.
The market’s losses were significantly trimmed by Joana Investment's announcement of buying 6.5% stake in Aramex on Thursday.
Turnover fell to AED 1.36 billion this week, compared to AED 2.41 billion last week. Trading volume decreased to 788.84 million shares, compared to 1.55 billion shares.
Expectations of higher oil prices are likely to increase investors’ risk appetite next week, Al Muhaisen concluded.
Translated by: Julian Nabil
