By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index inched down 2.3 points, or 0.08%, to close at 2,740.68 points on Wednesday on the back of selective purchases of some blue chips.
The market is still vulnerable to selling pressure for the sixth successive session, owing to major concerns over the so-called trade war between the world’s biggest economies and the new US administration's policies, commented vice president of Investment Research at KAMCO Raed Diab.
The latest government decisions, regarding expats' residency and the reduction of electricity charges for the industrial sector, may incentivise the market, but not for too long, he told Mubasher.
Salama, AMAN, and SHUAA Capital dropped 5.5%, 4.47%, and 3.77% respectively on Wednesday, while Drake and Scull International (DSI) tumbled 3.69%, Damac Properties declined 1.98%, and Dubai Investments shed 0.52%.
On the other hand, Gulf Navigation added 2.21%, and Emaar Properties and Arabtec Holding gained 0.64% and 0.57%, respectively.
The DFM’s trading volume declined to 259.71 million shares, while the market’s liquidity reached AED 197.03 million and market capitalisation ended at AED 361.3 billion.
Translated by: Muhammad Khalid
