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DFM falls 1.7% amid faltering investor confidence

DFM falls 1.7% amid faltering investor confidence
Gulf Navigation
GULFNAV
-0.49% 6.09 -0.03
Marka
MARKA
2.23% 0.28 0.01
Tabreed
TABREED
-0.31% 3.23 -0.01

Deyaar
DEYAAR
-0.25% 0.81 -0.00
DU
DU
-3.51% 5.78 -0.21
Aramex
ARMX
-0.82% 2.43 -0.02

Takaful Emarat
TAKAFUL-EM
-0.90% 0.55 -0.01
The Dubai Financial Market (DFM) ended Wednesday in the red, falling for the second successive session, as the benchmark index dropped 1.73% or 79.15 pts to 4492.75 pts.

Turnover was seen at AED 1.001 billion, as 436.4 million shares changed hands through the execution of 8319 transactions. A total of 31 companies traded today, of which 24 were in the red, 4 were in the green and 3 remained unchanged.

The services sectors topped gainers, adding 1.32%, whereas the banking and real estate sectors led decliners, falling 2.3.7% and 1.89%, respectively.

Aramex, Tabreed, du and Takaful Emarat were the only gainers, adding 1.61%, 1.32%, 0.56% and 0.50%, respectively. Meanwhile, Gulf Navigation topped losers, falling 4.87%, followed by Marka and Deyaar, which lost 4.54% and 4.42%, respectively.

Commenting on the DFM’s performance today, UAE economic market analyst Nasser Aref said that the DFM suffered significant downturns today amid faltering investor confidence. In a statement to Mubasher, Aref highlighted that external and regional factors continue to affect UAE markets amid a state of uncertainty.

UAE markets ignored their early gains and changed their course, falling during the second half of the session, coinciding with the Saudi market’s decline, he added.

Meanwhile Gamal Aggag, general manager of Al Sherhan Centre for Securities and Bonds, told Mubasher in a statement, that UAE markets are heavily impacted by external factors owing to the absence of incentives as well as the absence of positive events that could affect markets from within the UAE.

Moreover, the market is expected to continue its downward trend until companies begin to announce their financials for the third quarter of 2014, he said, noting that heavy-weight firms should at least announce their preliminary financials.