By Thabet Shehata

Dubai-Mubasher: Dubai Financial Market (DFM) benchmark was in red in January, amid downbeat global sentiment that offset the positive response from companies’ strong financial results and dividends.

The index fell by 2.64% or 100 points to close at 3764.4 points, compared with 3774 points at the end of December.

Out of the 20 sessions in January, the market was down in 12 days, most deepest of which was on January 6.

Jamal Ajaaj, GM, Al Sharhan Stocks & Bonds, said the decline in UAE markets was unjustified, especially amid the financial results that were mostly positive.

Traders in the local market were affected by the global downbeat sentiment.

Turnover fell by 37% in January to reach AED 697 million per session compared with AED 1.1 billion. Traded volume also declined by 31.4% to 403.8 million share per session from 589 million shares.

The investment sector was the biggest loser (-6.77%), while real estate and banks fell by 5% and 1.47% respectively.

Damac stock, which debuted recently, saw the biggest losses (-36%), while Kaibara was the top gainer (+25%).

Emaar fell by 7.7%, Arabtec was down 1% and DIB lost 5.5%. Emirates NBD gained 1.35% while DI fell by 8.4%.

Translated by Sayed Abdulrahman

Photo Credit: Arabianeye-Reuters