By: Enas Bahgat
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index shed 41 points, or 1.3%, to close at 3,108.53 points in a week on the back of selling pressure and discontent over some disclosures and dividends.
The DFM’s trading volume nearly doubled to 696.92 million shares from 395.79 million in the previous week, while the market’s liquidity surged to AED 1.04 billion versus AED 868.75 million in a week earlier.
Over the course of this week, the real estate sector shed 1.08% after Emaar Properties sank 1.53%, while Union Properties, Damac Properties, and Arabtec Holding levelled down 0.11%, 2.6%, 3.04%, respectively.
The investment sector dropped 3.06%, as Dubai Investments plunged 3.7% and the DFM Company fell 0.95%.
The banks sector went down 0.47% after Dubai Islamic Bank (DIB) shed 2.93%, while GFH Capital sank 2.9%.
The DFM has seen a wave of selling pressures during the week, market analyst Mohamed Tawfik said.
The market is witnessing a huge amount of dividends; however, that did not have a big effect on its performance, Tawfik added.
The main reason behind this is that most of investors avoid the stock markets after disclosures fell short of their expectations, the analyst added.
Translated by: Muhammad Khalid
