By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index lost 25.16 points, or 1.8%, to close at 3,083.37 points in the week ended Thursday. 5 April, amid a shortage of liquidity.
The DFM’s trading volume declined to 475.81 million shares from 696.92 million in the previous week, while the market’s turnover decreased to AED 837.7 million versus AED 1.04 billion a week earlier.
The consumer staples sector dropped 6.22% after DXB Entertainments plunged 7.2% to AED 0.451, while the banks sector shed 1.12%, as Emirates NBD went down 4.2% to AED 10.3 and Dubai Islamic Bank (DIB) lost 0.18%.
The real estate sector fell 1.09%, as Emaar Properties tumbled 3.8% to AED 5.58, while the investment sector declined 0.37% after the DFM Company went down 1.92% to AED 1.02.
UAE markets have seen a selling trend over the week, market analyst Mohamed Tawfik commented.
Neither the positive disclosures nor the reported dividends had the ability to boost the stock markets, which have been tumbling since the beginning of 2018 and are expected to maintain that course in the coming period, Tawfik told Mubasher.
Tracking the reasons behind such results, we can ascribe them to two main factors: investors’ reluctance – due to lack of incentives – and their concerns over the potential US-China trade war, the analyst concluded.
Translated by: Muhammad Khalid
