By: Mahmoud Gamal
Dubai-Mubasher: The Dubai Financial Market (DFM) witnessed a negative performance this week, weighed down by blue chips especially Emaar Properties and Arabtec Holding.
The main index fell 1.68% or 56.54 points to reach 3,311.10 points.
Expectations of Brexit’s negative impact on the UAE’s real estate and tourism sectors dimmed portfolio investors’ appetite for risk this week especially Sunday and Monday, according to technical analyst Salam Saeed.
The banks sector was the worst performer after losing 0.87% as Emirates NBD and Dubai Islamic Bank (DIB) went down 0.24% and 0.19% respectively.
The real estate sector slipped 0.21% due to a decline in Emaar Malls Group, Emaar Properties and Arabtec Holding by 4%, 3.12% and 2.8% respectively.
The investment sector retreated 1.09% as DFM Company fell 2.3%.
Turnover grew to AED 1.78 billion this week, compared to AED 640.35 million last week. Trading volume rose to 1.33 billion shares, compared to 957 million shares.
The market’s liquidity improved this week as the market partially absorbed the “shock” of the Brexit vote, Saeed explained.
The market is expected to see a positive performance during the sessions before the Eid Al-Fitr holiday, he said, adding that the companies’ first-half financials will set the trend of blue chips in the coming period.
Translated by: Julian Nabil
