By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index shed 9.6 points, or 0.32%, to close at 2,962.84 points on Monday on the back of blue chips, topped by Emaar Properties and Dubai Investments.
The increase of a group of stocks yesterday, which pushed up the DFM, did not succeed to restore investors’ confidence in the market, even temporarily, technical analyst Ahmad Sabha told Mubasher.
Dubai Investments’ stock, for instance, did not reflect the company’s positive results and closed in red territory, Sabha added.
The UAE markets are bound to continue their declination, amid lack of confidence, and the only remedy for that is market makers, institutions, and portfolios, which can boost markets by injecting more liquidity, the analyst said.
The services sector lost 1.8% after Tabreed decreased by 3.3% to AED 1.74, while the real estate sector sank 1.24%, as Arabtec Holding and Emaar Properties’ dropped 4.37% and 3.14%, respectively.
The telecommunication sector and its only stock, du, went down 0.82% each.
Moreover, the consumer staples sector sank 0.72% after DXB Entertainments fell 0.8% to AED 0.375, while the investment sector levelled down 0.51%, as Dubai Investments declined 1.62% to AED 1.82 and Shuaa shed 1.87%.
The transportation sector lost 0.2% after Air Arabia went down 0.26% to AED 3.91.
The DFM’s trading volume reached 33.92 million shares, while the market’s liquidity hit AED 45.8 million.
GFH led the DFM in terms of trading volume and value, with 33.92 million shares and a turnover of AED 45.8 million.
Translated by: Muhammad Khalid
