By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) suffered losses in Tuesday’s early trades, amid higher sales of blue chip stocks.
The DFMGI went down 1.53% or 54.46 points to reach 3,502.36 points.
Emaar’s lower-than-expected dividends were shocking to many investors, pushing them to profit-taking to keep their cash until the market’s trend becomes clearer, capital market analyst Mohamed Saeed told Mubasher.
Investors were also anticipating the performance of US stocks which are expected to continue their decline, Saeed added.
The real estate sector sank 2.3% after Emaar Properties and Arabtec Holding retreated 3.79% and 2.14%, respectively.
The banks sector slid 1.6% as Emirates NBD and Dubai Islamic Bank (DIB) tumbled 2.05% and 2%, respectively.
The investment sector decreased 1.12% after Dubai Investments and DFM Company levelled down 1.2% and 0.7%, respectively.
The insurance sector rose 0.74% as Dar Al Takaful went up 3.4%. The transportation sector also gained 0.67% due to a rise in Aramex by 2.7%.
Trading volume reached 228.26 million shares on Tuesday, compared to 322.2 million shares on Monday. Turnover amounted to AED 407.33 million, compared to AED 395.8 million.
The market’s liquidity is weak, reflecting that traders are still cautious, Saeed noted.
The general index is expected to fall to 3,200 points, the analyst concluded.
Translated by: Julian Nabil
