By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index shed 85.9 points, or 3.2%, to 2,672.61 points in the week ended 9 May.
Market capitalisation lost AED 9.5 billion over the week, to reach AED 351.74 billion ($95.74 billion).
The decline in the DFM resulted from fears engulfed investors following the drop in the global markets and the Sino-US tensions, the managing director of asset management at MENACORP Tariq Qaqish told Mubasher.
Investors held back from taking new positions to observe the effect of the quarterly disclosures, Qaqish added.
The consumer staples sector declined by 6.3%, as DXB Entertainments decreased by the same percentage.
The real estate sector went down 5.43% after Damac Properties, Emaar Malls, Emaar Development, and Emaar Properties levelled down 12.1%, 7.9%, 2.8%, and 5.18% respectively.
The investment sector shed 2.6%, as Dubai Investments and DFM Company retreated 3.68% and 2.7%, respectively.
The banking sector lost 2.68% after Emirates NBD retreated 3.3% and Dubai Islamic Bank (DIB) decreased by 0.6%.
Translated by: Muhammad Abdul-Wakeel
