By: Mahmoud Gamal
Dubai-Mubasher: The Dubai Financial Market (DFM) saw a bullish performance in the week ended 25 August, amid profit-taking on blue chips.
The main index closed at 3,492.22 points after losing 2.25% or 80.2 points, its highest losses since early June.
The investment sector led losers with a 3.67% decline, dragged down by Dubai Investments and SHUAA Capital which retreated 3.2% and 3.11% respectively. Likewise, the transportation sector also fell 3.11% as Air Arabia went down 4.25%.
The real estate sector slid 3.04% as Arabtec Holding and Emaar Properties decreased 5.3% and 3.6% respectively. The banks sector also declined 1.24% after Dubai Islamic Bank (DIB) sank 1.5%.
Liquidity reached AED 562.21 million this week, compared to AED 2.42 billion last week. Trading volume stood at 1.52 billion shares, compared to 397.13 million shares.
Dubai bourse’s fall was mainly driven by selling pressures on the back of volatile oil prices, amid expectations of oil production freeze, according to market analyst Amin Al Hennawi.
He added that the market’s negative performance showed that traders’ trading activity is weakened by their caution following expectations of a possible US interest rate increase, Al Hennawi added.
Translated by: Julian Nabil
