By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market General Index (DFMGI) tumbled 1.63% or 17.9 points, reaching 3,412.26 points in the week ended on Thursday, 1 February.
The real estate sector decreased 1.8% as Emaar Properties’ stock fell 3.63% to AED 6.62, while investment and financial services sector shed 0.95% after Dubai Investments’ stock inched down 0.8%, reaching AED 2.46.
Dubai Islamic Bank’s (DIB) stock went down 4.5% to AED 6.2 after 30.53 million shares were exchanged, with a turnover of AED 192.32 million.
The DFM’s performance was impacted negatively after DIB announced its plans to raise capital, that led purchasing pressure on the stock, Issam Kassabieh, analyst in MENACORP said.
Selling the leading stocks as Emaar Properties also impacted on the DFM’s performance during the week, Kassabieh added.
On the other hand, some stocks as Ithmaar Holding and Emirates NBD saw strong selling offers.
The bourse’s trading volume declined 22.3%, reaching 766.96 million in the week ended on Thursday, 1 February, against 986.76 million in the week before, while liquidity dropped 10% to AED 1.39 billion, from AED 1.54 billion.
MENACORP’s analyst expected that the DFM’s performance will improve in the coming period, especially as Gulf Navigation Holding will raise its capital, in addition to forecasts that the profits of insurance and real estate sector will increase.
The UAE bourses are anticipating Organization of the Petroleum Exporting Countries (OPEC) decision regarding oil production which will impact on oil prices and shares’ liquidity.
Translated by: Mohamed Hesham Azab
