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DFMGI falls 28 pts on selling pressure Tuesday

DFMGI falls 28 pts on selling pressure Tuesday
The services sector lost 1.92%

By: Mahmoud Gamal

Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index shed 27.73 points, or 0.84%, to 3,270.34 points on Tuesday on the back of selling pressures.

The DFM’s trading volume increased to 148.63 million shares from 122.12 million on Monday, while the market’s liquidity grew to AED 233.34 million, compared to AED 214.11 million in the previous session. 

The UAE’s markets are still losing points and liquidity, which is uncanny, Al-Sharhan Centre’s general manager Gamal Agag told Mubasher, adding that they will probably rise again, given the expected positive discourses and the subsequent cash dividends.

Investors’ morale is critical to the market’s performance, which can be mainly offset by anything but the interference of investment portfolios, which could catalyse the markets, the analyst concluded.

The services sector lost 1.92% after Tabreed fell 2.86% to AED 1.7, while the telecommunications sector and its only stock, du, levelled down 1.6% each.

The real estate sector went down 1.2% after Drake and Scull International (DSI), Arabtec Holding, and Emaar Properties tumbled 2.7%, 2.02%, 1.15%, respectively.

The transportation sector also sank 0.85%, as Aramex and Air Arabia declined 1.5% to AED 4.62 and 0.77% to AED 1.29.

 

Translated by: Muhammad Khalid