By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index closed in the red zone on Monday, dragged down by the decline of blue chips, led by Emaar Properties’ stock.
The DFMGI shed 0.3% or 9.81 points to close at 3,629.86 points.
Emaar Properties tumbled 1.4%, while Dubai Investments went down 0.4%.
Profit-taking pressured Emaar Properties’ stock, which caused the DFMGI to retreat on Monday, financial analyst Manaf Almallouhi told Mubasher.
The market is undergoing an ordinary correction after its major gains in the previous sessions, Almallouhi explained.
Emaar Properties’ stock's losses may continue in the coming sessions, the analyst added, noting that the stock may lose over AED 2 in the coming period on the medium-term, making it more attractive to investors.
The assurance expressed by Emaar Properties’ chairman Mohamed Alabbar is enough to make the new initial public offering (IPO) of Emaar Development a successful one, the analyst commented.
Emirates NBD led the DFM’s gainers and added 1.23% after the disclosure of its quarterly financial results, which showed a 37% growth in the net profits to AED 2.27 billion in the third quarter of 2017.
The DFM’s trading volume reached to 125.98 million shares, generating AED 219.58 million through 2,212 transactions.
Since the start of the week, trading volumes have been low, resulting in the DFM's declines, Almallouhi concluded.
Translated by: Muhammad Abdulwakeel
