By: Mahmoud Gamal

Dubai – Mubasher: The Dubai Financial Market (DFM) suffered further losses on Monday, amid a rise in selling pressures on blue chip stocks.

The general index fell 0.25% or 9.05 points to reach 3,633.46 points.

The market was weighed down by anticipation for US President Donald Trump’s speech on Tuesday which will include stimulus plans and taxes, capital market analyst Salam Saeed told Mubasher.

Investors were waiting for the oil prices, which are likely to rise above $55 per barrel, to set a clear trend, Saeed added.

The consumer staples sector led losers with a 2.08% decline as DXB Entertainments sank 1.7%.

The real estate sector fell 0.31% after Arabtec Holding and Emaar Properties declined 1.36% and 0.9%, respectively.

The banks sector levelled down 0.3% due to a decrease in Emirates NBD by 1.2%.

There are some good catalysts like the approach of the dividend payout period, the analyst explained.

On the other hand, the investment sector rose 0.2% due to an increase in Dubai Investments by 0.8%.

Trading volume reached 160.69 million shares on Monday, compared to 215.41 million shares on Sunday. Turnover amounted to AED 293.89 million, compared to AED 405.19 million.

The market is likely to hold at its current levels on Tuesday, Saeed added.

Translated by: Julian Nabil