Written by: Thabet Shehata

Dubai – Mubasher: The Dubai Financial Market (DFM) began the week on a low note, falling for the fourth successive session. Today’s decline was due to negative pressure from the banking sector, which ignored the positive turnaround of the real estate sector led by Emaar Properties.

The market’s general index (DFMGI) shed 0.02% or 0.96 points and closed at 4170.2 points. The DFM had turned to the green during mid-session as Emaar began to perform positively, lifting the index by 0.22% to 4180.2 points.

Experts expect this fluctuating performance on the DFM to continue due to an unclear market position added to a lack of incentives.

Reda Mussalam, Financial Consultant at Truth Economic Consultancy, told Mubasher that it is likely that the DFM will continue its jittery-declining trend in the coming period.

The minor losses on the DFM were accompanied by a significant drop in liquidity compared to Thursday’s session, as turnover reached AED 393 million against AED 1.2 billion on Thursday.

The banking sector retreated by 0.25% as Bank Mashreq and Ajman Bank fell 3.2% and 2.95%, respectively, whereas Dubai Islamic Bank (DIB) added 0.42%.

The services sector topped decliners, dropping 5.93% as Tabreed dropped by the same percentage to AED 1.270, leading declining stocks.

Meanwhile, the real estate sector gained 0.23% supported by Emaar Properties which rose by 1.36% to AED 8.950, whereas Arabtec remained unchanged.

The consumer staples sector topped gainers, rising by 1.5% as Marka surged by 1.56% to AED 1.300.

Dubai Islamic Insurance and Reinsurance (AMAN) topped gainers, adding 1.79% to AED 0.738 after one transaction involving 13,000 shares.

Translated by: Nada Adel Sobhi

Photo Credit: Arabianeye-Reuters