By: Mahmoud Gamal

Dubai – Mubasher: The Dubai Financial Market (DFM) extended its early losses at Monday’s closing.

The general index fell 1.1% or 37.87 points to end the session at 3,377.82 points.

It is notable that negative movements returned to the market, with the increase of profit gains after the start of Arabtec subscription, which took a large part of the market’s liquidity, said Wadah Al Taha, member of the National Advisory Board of Chartered Institute for Securities and Investments (CISI).

The banks sector was the most prominent loser and decreased 1.2%, after Emirates NBD levelled down 3.6%

The investment sector lost 1.3% as SHUAA Capital and Dubai Investments slid 6.6% and 0.5%, respectively.

The real estate sector shed 0.9% as Union Properties, Emaar, and Arabtec Holding declined 2.36%, 0.54%, and 0.13%, respectively.

Al Taha noted that the rights issue’s price of the Arabtec capital hike assures the increase of the share’s price by a percentage exceeding 24% from the current level.

Arabtec’s rights issue for a capital raise closed at AED 0.090 per share.

Traded volume on the DFM reached 1.4 billion shares at a value of AED 482.37 million, through 10,360 transactions.

From the technical perspective, technical analyst Wael Hussein highlighted that the state of the main index indicates a continuous decline to the level of 3,350 points.

Hussein noted that if the index was able to recover over the levels of 3,450 – 3,500 points, this will increase its chances to regain its level at 3,550 points.

Translated by: Sara Ghali