By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index lost 59.14 points, or 2.01%, to close at 2,889.7 points on Wednesday, its lowest level in a year, pressured by blue chips on top of which Dubai Islamic Bank (DIB) and Emaar Properties.
Currently, the DFM cannot find its way up, despite the positive results of some companies in the first quarter, while the market is lacking fresh market-boosting catalysts and investors are generally less confident in its performance, vice president of Investment Research at KAMCO Raed Diab told Mubasher.
The real estate sector tumbled 2.9% after Drake and Scull International (DSI) dropped 5.4% to AED 1.05 and Emaar Properties plunged to 4.9% to AED 5.04.
The telecommunication sector and its only stock, du, shed 1.65% each, while the banks sector decreased by 1.65%, as Emirates NBD and DIB sank 2.4% to AED 10.2 and 2.48% to AED 1.18, respectively.
The transportation sector went down 1.21% after Air Arabia fell 2.48% to AED 1.18.
The DFM’s trading volume reached 228.87 million shares, while the market’s liquidity hit AED 313.71 million.
GFH surged 3.68% to AED 1.41, leading the market in terms of both trading volume and value, with 74.51 million traded shares and a turnover of AED 105.2 million.
Translated by: Muhammad Khalid
