Dubai – Mubasher: DAMAC Properties’ stock declined at the Dubai Financial Market’s (DFM) opening session on Wednesday, dragged by the disclosure of its financial results for the third quarter of 2017.

By 11:10 am UAE time, the stock shed 2.02% to AED 3.91 after 1.25 million shares were traded, with a turnover of AED 4.89 million through 42 transactions.

DAMAC’s stock dragged down the real estate sector, which decreased by 0.24%, while the Dubai Financial Market General Index (DFMGI) sank 0.12%.

Earlier on Wednesday, the company’s financial results showed a 20.5% year-on-year decline in its profits which reached AED 719.34 million.