Dubai – Mubasher: The Dubai Financial Market (DFM) began trading on Monday in the red, pressured by Arabtec’s stock alongside Dubai Islamic Bank (DIB), whereas Emaar Properties held after the announcement of its financials.

The DFMGI retreated 0.7% or 28.3 points to 4,075.79 points by 10:20am UAE time, registering its second decline in a row. Turnover reached AED 54.37 million as 24.6 million shares were traded through 660 transactions.

The DFM is expected to hold on Monday after its blue-chip stock Emaar posted higher-than-expected results on Sunday, said market analyst Waddah Taha.

Emaar Properties posted a net profit of AED 2.2 billion ($600 million) in H1-15, a growth of 12% from AED 1.977 billion ($538 million) reported in the same period a year earlier.

The banking sector led fallers, sliding 1.27% as DIB lost 0.8%, while Amlak Finance plunged 4.65%. The telecom sector retreated 0.75% as du saw a similar decline to AED 5.330. The investment sector followed closely, shedding 0.73% as Dubai Investments (DI) slipped 0.35%.

The real estate sector was down 0.42% as Arabtec fell 2.6% after news that company suggested carrying out its 1-million-unit project in Cairo only. On the other hand, Emaar’s stock grew 0.38%, backed by its financials.

The DFM ended Sunday at a decline, after a two-day bull run, as it was weighed by the tumbling of major stocks namely Arabtec, Emaar, DIB and DI.