By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) continued its decline on Wednesday, after concluding the session in the red zone, pressured by its leading stocks SHUAA Capital and Arabtec Holding.
The DFMGI slipped 0.14% or 4.95 points and closed at 3,642.92 points, marking its fifth straight decline.
Commenting on the market’s performance, Mena Corp asset manager Tarek Qaqish noted that the DFM’s decline on Wednesday was due to “normal” profit taking.
The consumer staples sector led losers, falling 2.3% after DXB Entertainments shed 2.5% on the back of widening losses in the second quarter of 2017.
The investment sector was down 0.4% after SHUAA retreated 3.2%, whereas the real estate sector edged up 0.02%, despite the drop of its leading stock Arabtec by 2.26%, in spite of its positive results.
Financial results are the main driver in the market at this point, Qaqish told Mubasher, noting that many investors are waiting to see Emaar Properties’ financials, which he expects will exceed research companies’ projections.
Despite the decline in traded volume, the Expo 2020 projects continue to support the DFM’s real estate sector, the analyst added.
Turnover fell to AED 220.4 million on Wednesday, from AED 244.22 million on Tuesday, while traded volume retreated to 155 million shares traded versus 221.14 million.
Translated by: Nada Adel Sobhi
