DFM suffers weekly losses on investment, banks stocks

DFM suffers weekly losses on investment, banks stocks
Turnover amounted to AED 1.42 billion this week (Photo Credit: Arabianeye-Reuters)

Dubai – Mubasher: The Dubai Financial Market (DFM) saw a negative performance in the week ended 20 April 2017, weighed down by the fall of leading sectors topped by the investment and banks.

The general index declined 1.13% or 39.5 points to reach 3,469.82 points.

The investment sector sank 7.7% as Dubai Investments levelled down 10%.

The banks sector also retreated 1.2% after Dubai Islamic Bank (DIB) decreased 0.2%.

Turnover amounted to AED 1.42 billion this week, compared to AED 1.12 billion last week. Trading volume reached 1.13 billion shares, compared to 888.05 million shares.

Some positive factors started to appear like resolving Arabtec Holding’s issue after its shareholders gave the go-ahead to the capital restructuring plan, according to Jamal Ajaj, director of Al Sharhan Shares Centre in Abu Dhabi.

News about Emaar Properties’ new projects contributed to boosting the market's liquidity in some sessions last week, the analyst said.

The UAE stocks are expected to see a sideways performance in the coming weeks, Ajaj concluded.

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Source: Mubasher Exclusive

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