By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index shed 43.9 points, or 1.32%, to 3,286.54 points in a week on the back of selling pressure on blue chips.
The DFM’s trading volume dropped 45% to 443.69 million shares from 806.01 million in the previous week, with a turnover of AED 1.03 billion, compared to AED 1.4 billion a week earlier.
The banks sector lost 2.2% after Dubai Islamic Bank (DIB) tumbled 3.02% to AED 6.1, while the investment sector levelled down 2%, as Dubai Investments sank 2.6% to AED 2.2.
The real estate sector went down 0.9% after Arabtec Holding plunged 5.05%, while Drake and Scull International (DSI) and DAMAC Properties fell 1.8% and 1.22%, respectively.
Emaar Properties’ dragged down the market, which resulted in fluctuations during the week ended 22 February, the member of the National Advisory Board of Chartered Institute for Securities &Investments (CISI) Wadah Al-Taha stated.
By the end of the week, investors’ appetite for blue chips, and all shares on the market, in general, became better, Al-Taha added.
Al-Taha stressed that the main problem in the market is the lack of professional institutions to assess the whole market to provide traders with the right advice.
The market is ignoring the real incentives, such as positive disclosures and generous dividends, the analyst concluded.
Translated by: Muhammad Khalid
