By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index lost 26.43 points, or 0.89%, to close at 2,946.67 points on Wednesday, pressured by profit-taking transactions.
Today’s decline was the result of a technical correction after three positive sessions following the UAE cabinet’s new foreign shareholding limit decision, which enables foreign investors to own up to 100% of a UAE-based company, vice president of Investment Research at KAMCO Raed Diab told Mubasher.
This decision is expected to attract more liquidity from outside the UAE, which will boost the Emirati companies, Diab said.
The real estate sector shed 1.2% after Arabtec Holding decreased by 2.9% to AED 2 and Emaar Properties lost 1.52%.
The transportations sector went down 0.95%, as Gulf Navigation retreated 0.98% to AED 10.1, while the banks sector sank 0.78% after Emirates NBD fell 1.87% to AED 10.5.
On the other hand, the consumer staples sector levelled up 2.5% after DXB Entertainments jumped 2.76% to AED 0.410.
The DFM’s trading volume reached 333.63 million shares, while the market’s liquidity hit AED 372.3 million.
Translated by: Muhammad Khalid
