Selling of blue chips drags DFM down Wednesday

By: Mahmoud Gamal

Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index dropped 0.61% or 21.43 points to close at 3,467.56 points on Wednesday on the back of selling of blue chips, especially Emaar Properties' stock.

The DFM underwent a usual selling trend after rising around 108 points, which affected all stocks in the market, technical analyst Gamal Abdul Hamid told Mubasher.

The correction carried out on the DFM on Wednesday is healthy, in order to target 3,541 points, Abdul Hamid added, noting that many stocks have attractive prices, including Arabtec Holding, Emaar Properties, Amlak Real estate, and Damac Properties.

Gulf General Investments went down 2.5% to AED 0.385, while DAMAC Properties dropped 1.89% to AED 3.63 and DFM Company lost 1.77% to AED 1.11.

GFH Group levelled down 1.25%, while Emaar Properties fell 1.13%.

On the other hand, Drake and Scull International (DSI) jumped 4% to AED 1.78, despite its financial results for the third quarter of 2017, which showed a growth in net losses.

The DSI topped the DFM in terms of liquidity, with a turnover of AED 123.05 million.

Speculations pushed DSI up, in spite of the recent increase in net losses, Abdul Hamid continued.

There is no reason for being worried about the DFM’s performance, as the coming sessions are projected to see increased trading, given the improvement of the geopolitical situation, the analyst concluded.

 

Translated by: Muhammad Khalid

Mubasher Contribution Time: 15-Nov-2017 12:17 (GMT)
Mubasher Last Update Time: 15-Nov-2017 12:17 (GMT)

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