Dubai – Mubasher: The Dubai Financial Market (DFM) fell on Monday, pressured by sell-offs on key sectors, particularly real estate and banking.

The stock market’s benchmark DFMGI shed 2.6% or 94 points to close near its lowest level year-to-date at 3,519.55 points.

Analysts said earlier that UAE equity markets would begin to steady following their recent declines, adding that, however, the market’s general trend remains downwards amid a lack of catalysts and continued thin liquidity.

The real estate sector was the biggest loser, slumping by 3.56%, as it was hurt by Emaar and Arabtec, down 4.75% and 1.8%, respectively.

The banking sector came second with a fall of 3.1%, pressured by DIB and Emirates NBD, which lost 2.2% and 2.3% in a row.

Investment group DI and market operator DFMC dropped by 0.84% and 1.16%, respectively, pushing the investment sector down by 1.26%.

The telecom sector tailed the list, drifting 1.16% lower, after telecom operator du fell by 1.16% to AED 5.100.

Meanwhile, the services and transport sectors rose 0.56% and 0.08% in a row. The industrial sector remained unchanged.

Tracking stock performance, Commercial Bank of Dubai was the worst performer, plunging 10%, while IFA was the top gainer with a surge by 7.52%.

Monday’s turnover amounted to AED 476.6 million, generated from exchanging nearly 439 million shares.

Translated by Sayed Abdel Rahman