By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index declined 35.78 points, or 1.27%, to close at 2,774.09 points on Sunday, its lowest level in over 1.5 years.
The real estate sector shed 1.65% after Emaar Properties tumbled 3.23%, while Emaar Malls and Drake and Scull went down 0.53% and 0.49%, respectively.
The banks sector decreased by 1.3%, as Emirates NBD lost 2.28% to AED 8.99 and Dubai Islamic Bank (DIB) sank 0.5% to AED 0.8.
Moreover, the consumer staples sector levelled down 1% after DXB Entertainments fell 1.1% to AED 0.357, as the investment sector declined 0.97%, dragged down by Dubai Investments, which shed 1.02% to AED 1.93.
The telecommunication sector, transportation, and services sector also lost 0.79%, 0.58%, and 0.22%, respectively.
On the other hand, the insurance sector grew 0.89% after Aman surged 3.4% and Salama added 1.6%.
The DFM’s trading volume reached 167.68 million shares, while the market’s liquidity amounted to AED 184.8 million.
Market capitalisation lost AED 3.06 billion to AED 365.42 billion.
Concerns over the construction and real estate companies have urged investors to sell the majority of DFM-listed blue chips, MindCraft Consultants’ CEO Fadi Al Ghattis said.
The market’s performance – however plausible – is at odds with the positive indicators shown by the UAE economy, he added.
The DFM is expected to maintain its negative performance until the return of selective purchased, probably on Wednesday or Thursday, Al Ghattis noted.
Translated by: Muhammad Khalid
