By Mahmoud Gamal
Dubai – Mubasher: Dubai Financial Market (DFM) was down this week, reversing a five-week winning run, as it was hurt by continued profit taking coupled with volatility in regional markets and in oil prices.
The main index, or DFMGI, lost 1.9% or 65.9 points to end the week at 3,318.73 points.
The decline in local equities was triggered by traders who chose ‘safe’ exit till matters stabilise, amid jitters in global markets, said capital market analyst Salam Said.
The weekly traded value fell to AED 3.1 billion, from AED 3.3 billion last week. Traded volume also retreated to 2.68 billion shares from 2.7 billion shares.
The decline in the market liquidity is not that huge, so it does not signal panic selling, according to the analyst.
DFM capitalisation went down by AED 4.6 billion to AED 297.8 billion, from AED 302.4 billion last week.
The transportation sector led decliners, with a drop of 7.23%, after Gulf Navigation and Air Arabia sank by 3.6% and 3.17%, respectively.
The real estate sector also went down by 2.7% due to Emaar and Emaar Malls that were off by 4.5% and 3.8% in a row.
Similarly, the banks sector sagged 1.1% due to DIB that was behind 2.5%.
On the positive front, the telecom sector rose by 0.63% powered by du. The investment sector also gained 0.29% backed by DFM Company and Dubai Investments that rose by 0.8% and 0.5%, respectively.
Translated by Sayed Abdel Rahman
