By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) closed Sunday in the red, wiping out the previous session’s gains.
The DFMGI fell 0.99% or 34.95 points and closed at 3,848.32 points.
The drop was attributed to quick profit-taking following the announcement of a decline in du’s profits added to anticipation regarding Dubai Investments’ upcoming disclosure, analysts have said.
The telecom sector led losers, sliding 3.62% as du dropped 3.6%, its sharpest fall since August 2015, coinciding with the company’s disclosure of its financials for the first half of the year.
The investment sector slid 1.35% on the back of Dubai Investments, which shed 1.4% ahead of the announcement of its results for the second quarter of 2016.
The real estate sector declined 1.04% after Arabtec and Emaar Properties lost 1.36% and 0.8%, respectively.
On the other hand, the transport sector added 0.2%, backed by Aramex’s 2.5%. The stock rose on the back of the company’s CEO selling a stake in an Aramex subsidiary.
The banking sector edged up 0.1% after Emirates NBD increased 1.27%.
Turnover dropped to AED 203.69 million on Sunday, from AED 315.18 million on Thursday, while traded volume was down to 119.23 million shares from 163.68 million in the previous session.
Translated by: Nada Adel Sobhi
