By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a negative performance on Wednesday, dragged down by the fall of blue chips topped by Arabtec Holding and Dubai Islamic Bank (DIB).
The general index declined 0.39% or 13.23 points to reach 3,395.21 points.
The market was pressured by fears over the performance of troubled companies, especially Arabtec, leading investors to be more cautious, Wadah Al Taha, a member of the National Advisory Board of Chartered Institute for Securities & Investments (CISI) stated.
The DFM saw severe fluctuations after many investors shied away from trading, in line with heavy sales, Al Taha added.
The investment sector led losers with a 1.2% decline as SHUAA Capital and DFM Company fell 2.65% and 1.7%, respectively.
The real estate sector retreated 0.21% after Arabtec and Drake and Scull International (DSI) levelled down 5.5% and 1%, respectively.
The banks sector rose 0.10% as Emirates NBD added 0.98%, while DIB lost 0.35%.
Many blue chip companies, especially in the real estate sector, did not announce their financial statements yet; thus, weighing on the market, Al Taha added.
Speculation will continue to control the DFM unless the main index rebounds above 3,450 points, capital market analyst Ahmed Ismail said.
Trading volume reached 173.72 million shares on Wednesday, compared to 196.72 million shares on Tuesday. Turnover amounted to AED 328.6 million, compared to AED 270.12 million.
Translated by: Julian Nabil
