Dubai – Mubasher: The Dubai Financial Market’s (DFM) main index dropped in Sunday’s mid trade after an early rise of 21%, dragged back down by the banking sector and also the stock of Emirates Integrated Telecommunications Company.
The index fell by 0.11% or 3.76 points, reaching the level of 3277 points.
Analysts suggest that United Arab Emirates stock markets need to continue in green to restore traders’ trust and attract and reluctant liquidity.
The transportation sector maintained its lead among risers with a 1.3% increase, supported by the gains of Gulf Navigation Holding that topped the shares with 6% up,
The real estate sector came second with a surge of 0.75%, as Arabtec and Emaar rose by 1.67% and 0.49%, respectively. The investment sector also rose by 0.57% with spurred by a rise 0.48% in Dubai Investments.
On the flip side, the banking sector fell by 0.78%, bogged by drops in Dubai Islamic Bank and Emirates NBD Bank as they went down 0.48% and 1.2% in a row.
The telecom sector also plummeted by 0.4%, as Emirates Integrated Telecommunications Company slipped to AED 4.980.
By midsession, an amount of 163.2 million shares were exchanged through 2,600 trades, with a trading value of AED 185.63 million.
