Dubai – Mubasher: The Dubai Financial Market (DFM) continued to its round of sell-offs with market capitalisation losing as much as AED 1.16 billion in the course of the four-hour trading session as investors keep an eye on financial results and dividend disclosures.
The DFMGI lost 0.20% to close at 2496.02 points. Turnover amounted to AED 78.88 million down from AED 111.08 million on Monday, while traded volume decreased to 51.79 million shares exchanged against 61.71 million in the previous session.
The investment sector led fallers, losing 1.25% after Dubai Investments shed 1.5% to AED 1.27, while the banks sector was down 0.4% after Emirates NBD declined 1.74% to AED 9.01.
The insurance sector was down 0.27% after Dar Al Takaful dropped 4.6% to AED 0.455, while the real estate sector sank 0.3% on the back of Emaar Malls and Emaar Development, which fell 3.03% each.
In addition, DAMAC Properties lost 0.86%, following news last week that Bank of America Merrill Lynch had lowered its profit forecasts for the Dubai-listed firm by 47% between 2018 and 2020 on average. The US-based bank attributed this profit guidance to weak reserved sales and gross margin.
