By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a negative performance in the week ended 20 October, weighed down by the fall of most sectors led by the real estate.
The main index fell 0.46% or 15.46 points to reach 3,334.94 points.
The UAE markets were negatively affected by volatile performance of global markets, according to gulf market analyst Amer Al Mohannadi.
Investors tended to liquidate and exit some stocks until the major firms, especially in the real estate and investment sectors, announce their third-quarter financials, the analyst noted.
The real estate sector fell 1.5% as Arabtec Holding and Emaar Properties decreased 1.5% and 1.44% respectively.
The investment sector slid 1.4% as DFM Company declined 1.6%.
Some portfolio investors have increased their positions in defensive stocks which reached attractive price levels, Al Mohannadi said.
On the other hand, the consumer staples sector rose 3.1% as DXB Entertainments went up 7.9%.
The transportation sector increased 0.5% after Gulf Navigation Holding and Air Arabia climbed 1.8% and 0.8% respectively.
Trading volume reached 904.90 million shares this week, compared to 740.49 million shares last week. Turnover stood at AED 1.42 billion, compared to AED 1.06 billion.
The UAE market are likely to rise in the coming period, in line with the beginning of Q3-16 financial announcements which will be a strong catalyst for investors, Al Mohannadi noted.
Translated by: Julian Nabil
