By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index closed in the red on Wednesday, encouraged by blue chips.
The DFMGI went down 1.44%, or 49.9 points, to 3,404.09 points.
The general index decline can be attributed to Emaar Properties, whose dividends fell short of investors’ expectation and propelled them to sell its shares afterwards, Mena Corp’s financial analyst Issam Kassabieh told Mubasher.
While investors were expecting AED 1-per-share dividends, Emaar Properties set it at AED 0.68 per share, which they considered disappointing, Kassabieh added.
The DFM’s trading volume dropped to 289.12 million shares from 391.11 million shares on Tuesday, while the market’s liquidity tumbled to AED 594.86 million, compared to AED 600.14 million in the previous session.
Investors may return to buying after going over Emaar dividends’ disappointment, given the approaching halt of insider trading, the analyst concluded.
Translated by: Muhammad Khalid
