Investors pull DFM to red in week

By: Mahmoud Gamal

Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index dropped in week on the back of blue chips, amid cautious trading.

The DFMGI shed 0.75%, or 25.6 points, to 3,393.46 points during the week.

Dubai Investments levelled down 5.3% to AED 2.33, while DAMAC Properties tumbled 3.7%.

Arabtec Holding went down 2.04% to AED 2.39, and Dubai Islamic Bank (DIB) declined by 0.5% to AED 6.

Over the week, trading was sluggish, as a result of the geopolitical situation, Mena Corp financial analyst Issam Kassabieh told Mubasher.

Investors, particularly foreigners, redirected their attention towards Emaar Properties during the last couple of sessions, seeking to harvest yields of the expected dividends, Kassabieh added.

Emaar Properties added 2.4% to AED 7.73, while GFH Group fell 4.7% to AED 1.61, with a turnover of AED 351.41 million.

The DFM’s trading volume decreased to 416.88 million shares from 644.31 million shares in the week ended 29 November, while the market’s turnover declined to AED 890.53 million, compared to AED 1.32 million a week earlier.

The market may be catalysed in the next sessions, with the shutting down of insider trading, the analyst concluded.

 

Translating by: Muhammad Khalid

Mubasher Contribution Time: 07-Dec-2017 13:34 (GMT)
Mubasher Last Update Time: 07-Dec-2017 14:16 (GMT)

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