Dubai – Mubasher: The Dubai Financial Market (DFM) trimmed most of its losses at the closing of Thursday’s session as its major stocks Dubai Islamic Bank (DIB) and Emaar Properties held against the strikes on Yemen which caused declines in most Gulf markets.

The DFMGI retreated 27.4 points or 0.8% and closed at 3,407.25 points.

The DFM commenced the session in the red following a wave of declines that hit all trades earlier today on the backdrop of the Saudi-led Yemeni airstrikes.

Saudi Arabia and its GCC allies, along with support from the US, have announced participation in military action against Houthi rebels, who have taken large parts of Yemen and forced the embattled president, Abd-Rabbu Mansour Hadi, to flee to the southern city of Aden.

Analysts told Mubasher that they expect the military intervention in Yemen to negatively affect Arab and Gulf markets, whereas oil prices are expected to improve.

The telecom sector led the losers, sliding 4.67% as du fell similarly to AED 4.900.

The investment sector lost 1.16% as DFMC and Dubai Investments retreated 3.23% and 0.44%, respectively. The real estate sector declined 0.72% as Arabtec and Emaar fell 3.48% and 0.15%. On the other hand, Emaar Malls closed in the green.

The banking sector was the only sector to see a rise on Thursday, inching up by 0.19% as DIB added 0.85%, whereas Emirates NBD fell 0.56%.

At the stock level, Takaful Emarat was the biggest loser, dropping 10%, while SHUAA Capital led gainers, rising 3.1%.

Turnover improved significantly on Thursday, reaching AED 655.7 million as 488.4 million shares changed hands against AED 294.76 million on Wednesday after 215.86 million shares were exchanged.