Dubai – Mubasher: The Dubai Financial Market (DFM) opened Sunday lower, weighed by five sectors led by real estate and consumer staples.
By 11:00 am UAE time, the DFMGI shed 9.12 points or 0.33% to 2,800.75 points, shrugging off analysts’ forecasts.
The consumer staples sector fell 0.75% after DXB Entertainments dropped 1.18%.
In the meantime, the real estate sector shed 0.69%, dragged lower by Drake & Scull International (DSI), which retreated 2.7%, which recently announced the general meeting that would decide the company’s fate. Moreover, Union Properties (UP) tumbled 2.14%, followed by Emaar Properties with 1.21%.
The transport sector decreased 0.53% on the back of Aramex’s 1.18% drop, while the telecom sector and its stock du lost 0.39% each.
In addition, the investment sector was down 0.27% after Gulf General Investment Co. (GGICO) and Dubai Investments declined 2.53% and 0.51%, respectively.
Turnover amounted to AED 56.17 million after 62.2 million shares changed hands through 899 transactions.
The DFM extended last week’s falls on the back of blue-chip selling as investors kept close watch on the US-China trade war, despite positive catalyst such as the Abu Dhabi Financial Group’s (ADFG) stake hike in Salama Insurance Co.
