Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index lost 1.53%, or 51.67 points, to 3,326.47 points, touching its lowest level in eight months.
The DFM’s decline on Tuesday was the result of the US markets’ drop, said vice president of Investment Research at KAMCO Raed Diab.
The US market’s decline came after a report on jobs released on Friday, which reflected a high inflation rate and fuel concerns that the Fed would raise the interest rate to unexpected figures, Diab added.
The coming sessions will bring a buying trend for the favour of technical correction, the analyst commented.
The DFM’s trading volume soared to 256.67 million shares from 90.08 million shares on Monday, while the market’s liquidity nearly doubled to AED 398.52 million, compared to AED 172.612 million in the previous session.
The consumer staples sector dropped 3.05% after Marka and DXB Entertainments tumbled 3.56% and 3.02%, respectively.
The investments sector went down 2.44% after Ithmaar, Dubai Investments, and Gulf General Investment sank 3.82%, 2.87%, and 2.56%, respectively.
The transportation sector fell 1.72%, as Aramex declined 3.1%.
The real estate sector decreased by 1.45% after DAMAC Properties, Emaar Properties, and Drake and Scull International (DSI) fell 2.41%, 1.54%, and 2.84%, respectively.
The banks sector shed 1.35%, as Emirates NBD and Dubai Islamic Bank (DIB) decreased by 2.3% and 1.29%, respectively.
The telecommunication sector and its only stock du tumbled 0.2% each.
Translated by: Muhammad Khalid
