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DFM closes week in red; real estate weighs

DFM closes week in red; real estate weighs
The real estate sector fell 1.12% this week

Dubai – Mubasher: The Dubai Financial Market (DFM) closed the week ended Wednesday in the red, its first weekly fall in four weeks, pressured by real estate sector stocks.

The DFMGI shed 0.68% or 24.69 points to close at 3,632.54 points. Turnover amounted to AED 691.9 million ($188.4 million) this week, down from AED 964.1 million ($262.52 million) in the week before.

The real estate sector fell 1.12% this week, pressured by Union Properties, DAMAC, and Arabtec Holding, which retreated 4.9%, 2.8%, and 2.3%, respectively.

The banks sector shed 0.33% after Amlak Finance fell 3.6% and Mashreq Bank slid 7.5%.

The UAE bourses are closed on Thursday on the occasion of the New Hijri Year. Trading will resume on Sunday, 24 September.