By: Mahmoud Gamal

Dubai – Mubasher: The Dubai Financial Market (DFM) suffered losses in the week ended 27 October, weighed down by most sectors led by banks.

The DFMGI retreated 1.09% or 36.29 points to reach 3,304.20 points.

Anticipation of third quarter financial results in UAE stock markets has prompted some investors to keep their distance and others to sell their stocks, resulting in the week’s several sessions of declines, GCC market analyst Majed Al-Azmi told Mubasher.

The fluctuations seen on the US and European bourses also affected UAE market traders, he added.

The banks sector fell 1.7% as Mashreq Bank and Dubai Islamic Bank (DIB) lost 7.6% and 2.04% respectively.

The investment sector retreated 0.8% after DFM Company and Dubai Investments levelled down 5% and 0.5% respectively.

The real estate sector also lost 0.63% as Arabtec Holding and Deyaar Development slid 5.8% and 3.16% respectively.

Emaar Properties was the best performer, adding 3%, while Amanat Holding grew 3.33%.

Several portfolios sought to increase their positions in leading and defensive stocks amid the declines which left stocks at attractive buying levels that have not been seen in several months, Al-Azmi commented.

Trading volume reached 798.27 million shares on Thursday, compared to 904.90 million shares on Wednesday. Turnover stood at AED 1.21 billion, compared to AED 1.42 billion the day before.

The analyst told Mubasher that he expected UAE bourses to continue their jittery sideways performance amid the anticipated results for several major companies.

These statements will determine whether traders will invest further in these companies till the end of the year, he added.

Translated by: Julian Nabil and Nada Adel Sobhi