By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a negative performance in October, weighed down by the fall of banks and real estate stocks.
The main index reached 3,332.41 points after falling 4.09% or 142 points; its highest losses since May 2016.
Turnover reached AED 5.33 billion in October, compared to AED 6.12 billion in September. Trading stood at 3.47 billion shares, compared to 4.92 billion shares.
The banks sector led losers after declining 4.8% as Dubai Islamic Bank (DIB) slid 4.9% and 1.9% respectively.
The real estate sector slid 4.6% after Arabtec Holding and Emaar Properties tumbled 9.52% and 1.9% respectively. The investment sector also retreated 4.02% after Dubai Investments and DFM Company slid 2.9% and 1.3% respectively.
The market saw cautious trading amid the control of speculators as doubts grow over OPEC deal to curb oil production, according to Waddah Al Taha, the UAE’s market analyst at the UK’s Chartered Institute for Securities and Investments (CISI).
Non-UAE stocks topped by GFH Financial Group and Hits Telecom caused some speculations to happen this month, the analyst noted.
The performance of UAE equities will mainly depend on talks between OPEC countries and non-OPEC nations on limiting oil output levels, Al Taha noted.
Translated by: Julian Nabil
