By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index shed 42.36 points, or 1.29%, to close at 3,244.12 points on Wednesday, its lowest level in three weeks, pressured by the real estate and the investment sectors.
The DFM saw a big selling trend on blue chips, especially Emaar Properties, Dubai Investments, and DAMAC Properties, which seemed uncanny to investors, encouraging them to follow suit, the managing director of asset management at MENACORP Tariq Qaqish told Mubasher.
The real estate sector dropped 2.63% after DAMAC Properties, Emaar Malls, and Emaar Properties levelled down 5.6% to AED 3, 3.6% to AED 2.12, and 2.37% to AED 6.17, respectively.
The investment sector shed 1.62%, as Dubai Investments went down 2.62% to AED 2.21, while the banks sector sank 0.22% after Gulf Commercial Bank (GCB) and Dubai Islamic Bank (DIB) fell 1.67% to AED 0.885 and 0.82% to AED 6.06, respectively.
The lack of any positive news or market-boosting catalysts is the reason behind its retreat on Wednesday, Qaqish commented.
The DFM’s trading volume increased to 233.76 million shares from 196.85 million on Tuesday, while the market’s liquidity surged to AED 340.14 million, compared to AED 292.38 million in the previous session.
Translated by: Muhammad Khalid
