Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index shed 1.18% or 40.8 points to 3,420.17 in week, weighed down by blue chips.
Emaar Properties lost 3.9% to AED 7.5, while the DFM Company went down 3.5%.
The DFM saw a quiet trading with lower liquidity during the last week of November in line with national holidays in the UAE, Eyad Al Bariqi, director general of Al Ansari Financial Services, told Mubasher.
With the absence of selling transactions in the market, we cannot consider this quietness unusual, as investors tend to wait for better investment opportunities, Al Bariqi added.
The DFMGI stabilised above 3,400 points, which will represent a launchpad to higher levels with higher turnovers, the analyst noted.
A total of 644.31 million shares were traded on the DFM over the week ended 29 November, compared to 914.16 million shares in the week ended 23 November.
Moreover, the market’s turnover reached AED 1.32 billion during the week, versus AED 1.73 billion in the previous week.
Listing shares of the Abu Dhabi National Oil Company’s (ADNOC) distribution unit on the DFM will create ”massive” investment opportunities in the market, which will increase both the DFM’s liquidity and market capitalisation, Al Bariqi concluded.
Wednesday’s closing
The DFMGI dropped 0.25% to 3,420.17 points on the back of selling of Dubai Investments’ shares, which levelled down 2.4%.
Blue chips went down, led by Emaar Properties and Dubai Islamic Bank (DIB), which shed 1.2% and 0.3%, respectively.
The DFM’s trading volume hit 344.91 million shares on Wednesday, with a turnover of AED 837.24 million through 4,566 transactions.
Translated by: Muhammad Khalid
