By: Mahmoud Gamal

Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index dropped 1.07% or 37.09 points to close at 3,423.12 points on Sunday on the back of selling pressure.

The UAE’s markets fell today in line with the correction trend taking place across GCC bourses amid low liquidity and cautious trading, technical analyst at the African Economic Council Mona Mostafa told Mubasher.

Blue chips topped the DFM’s losers, led by DAMAC Properties, which shed 5.28% to AED 3.41.

Air Arabia lost 1.6% to AED 1.22, while Dubai Investment went down 0.8% to AED 2.48.

Emaar Properties also levelled down 1.14% to AED 7.77 and Arabtec Holding sank 0.79% to AED 2.52.

Markets are waiting for more positive incentives, Mostafa added, noting that investors prefer to wait for the upcoming initial public offerings (IPOs) slated for the end of 2017.

The DFM’s trading volume reached 264.20 million shares on Sunday, generating AED 444.08 million through 3,319 transactions.

Translated by: Muhammad Khalid