By: Mahmoud Gamal
Dubai - Mubasher: The Dubai Financial Market’s (DFM) general index lost 0.34% or 11.8 points to 3,449.14 points on Sunday on the back of selling pressure.
This decline was attributable to the local and foreign investors focus on the new attractive IPOs, especially ADNOC's distribution unit, sales analyst at Mubasher Karim Al Shammas told Mubasher.
Aramex topped the market’s losers, shedding 3.3% to AED 4.7, while the DFM Company tumbled 1.75% to AED 1.12.
Arabtec Holding, Emaar Properties, and Dubai Islamic Bank (DIB) dropped 1.61% to AED 2.45, 0.76% to AED 7.8, and 0.3% to AED 6.04, respectively.
The DFM saw only six gainers, led by Emaar Malls, which added 2.33% to AED 2.2.
GFH Group rose 1.16%, after its subsidiary, Khaleeji Commercial Bank, confirmed the listing on the DFM.
Investors will redirect their focus toward the UAE’s markets once the IPOs ended, which will take place in the beginning of December, Al Shammas continued.
The current stock prices in the UAE’s markets, especially in the DFM, represent a good opportunity for institutional and foreign investors, given that its general index broke below 3,450 points, the analyst concluded.
Translated by: Muhammad Khalid
