By: Mahmoud Gamal

Dubai – Mubasher: The benchmark index of the Dubai Financial Market (DFM) declined at Sunday’s close by 1.6% or 56.12 points to the level of 3,453.22 points, its lowest level since end-March.

Trading volume increased to 272.14 million shares from 201.29 million shares exchanged on Thursday, as turnover also rose to AED 293.78 million from AED 280.96 million.

Market analyst Gamal Abdullah said that traders were pushed to profit-takings due to concerns over the uncertainty of the future of some companies like Arabtec and Drake & Scull, in addition to the political tension between the US and North Korea.

Abdullah noted that one of the technical reasons behind today’s fall was breaking below the support level of 3,400 points.

The consumer staples sector (-4.23%) was the top loser, dragged by a fall of 4.26% in DXB Entertainments to AED 0.943, the stock’s lowest level since about 18 months. 

The investment sector shrank 2.4% as DFM Company retreated 4.1% and Dubai Investments levelled down 1.98%.

The real estate sector fell 1.68% due to a decrease of 9.69% in Arabtec and 0.55% in Emaar.

The banks sector went down 1.57% as GFH and Dubai Islamic Bank declined 4.7% and 2.04%, respectively.

Abdullah said that the volatile performance is likely to continue during Monday’s session, expecting the index to move above 3,500 points.

Translated by: Elwy el-Manzalawy