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DFM down to lowest level in 2017

DFM down to lowest level in 2017
Emaar Properties was the value leader (Photo Credit: Arabianeye-Reuters)

By: Mahmoud Gamal

Dubai – Mubasher: The Dubai Financial Market (DFM) saw a negative performance on Monday, in line with a low turnover.

The general index fell 0.41% or 14.09 points to reach 3,454.39 points, its lowest level in 2017.

Turnover fell to its lowest level in more than five months, reaching AED 164.5 million on Monday compared to AED 190 million on Sunday.

The market witnessed a “significant” decline in its liquidity as traders shied away from trading due to lack of speculative or real investment opportunities, according to Eyad Al Bariqi, trading director of Al Ansari Financial Services.

Investors are likely to refrain from buying till the end of this month, Al Bariqi added.

The consumer staples sector led losers with a 1.7% decline as DXB Entertainments sank 1.94%.

The real estate sector tumbled 0.45% after Emaar Malls Group (EMG) and Arabtec Holding retreated 1.97% and 1.11% respectively.

The banks sector levelled down 0.22% as Emirates NBD tumbled 1.22%.

On the flipside, the telecom sector rose 0.50% after du added 0.50%.

Emaar Properties was the value leader after generating AED 23.91 million, while Arabtec Holding was the most active stock after trading 17.44 million shares.

Translated by: Julian Nabil