By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) closed Tuesday on a low note, marking its third straight decline, following pressure from leading stocks such as Dubai Islamic Bank (DIB) and Emaar Properties.
The DFMGI fell 0.44% or 15.33 points to close the session at 3,439.91 points.
The investment sector led losers, shedding 1.32% after Dubai Investments tumbled 1.6% to AED 2.44 and DFM Company declined 0.8% to AED 1.12.
The banks sector followed closely, losing 1.3% after DIB retreated 4.6% to AED 6.32, while the telecom sector and its stock du were down 0.6% each.
Commenting on the DFM’s performance on Tuesday, MenaCorp financial analyst Issam Kassabieh attributed the decline to DIB’s negative performance, which in turn was impacted by the bank’s announcement that it would raise its capital but would issue shares below current market price.
The consumer staples sector levelled down 0.3% after DXB Entertainments shed 0.6%, despite announcing positive visitation levels for 2017.
The transport sector was down 0.27% pressured by Air Arabia as investors await the companies’ full-year results.
The real estate sector added 0.27% despite declines across several of its blue chips as Emaar Properties dropped 0.7% to AED 6.69, while Emaar Malls and Emaar Development lost 1.3% and 0.3%, respectively.
Emaar Properties and its subsidiaries have been affected by the negativity surrounding DIB, Kassabieh told Mubasher.
Emirates NBD’s announcement earlier today that it was looking to expand its operations in Turkey through an acquisition helped boost the stock which jumped 6.5% to AED 9, the analyst noted.
Emirates NBD recorded a turnover of AED 65.27 million after 7.38 million shares were exchanged.
On the positive side, the insurance sector added 0.3% on the back of Salama Insurance’s 2.6% rise to AED 0.547.
The DFM’s overall turnover surged to AED 556.83 million on Tuesday from AED 318.91 million on Monday, while traded volume increased to 375.76 million shares versus 232.42 million.
Translated by: Nada Adel Sobhi
