By: Mahmoud Gamal

Dubai – Mubasher: The Dubai Financial Market (DFM) closed Sunday down slightly, weighed by selling on several of its leading stocks and marking its fifth close in the red zone in a row.

The DFMGI slipped 0.08% or 2.58 points to 3,079.51 points.

Turnover fell to AED 93.35 million from AED 165.29 million on Thursday, while traded volume decreased to 56.9 million shares versus 78.3 million in the previous session. A total of 1,240 transactions were executed on Sunday.

Commenting on the DFM’s Sunday performance, market analyst Jamal Abdelhamid said that the market suffered selling pressures at a time when it continues to see faltering liquidity levels.

The states of fear and anticipation continue to lurk amongst investors despite the presence of promising investment opportunities such low stock prices and the UAE’s economic strength, the analyst told Mubasher.

He also noted the positive financial results recently disclosed by several companies among the opportunities, forecasting that these results should help boost the market alongside the rise in oil prices.

Abdelhamid projected that UAE liquidity and performance will improve soon, noting that from a technical perspective, the DFMGI remains positive above 3,060 points, and may rise towards 3,103 and 3,152 points.

Gulf General Investment Co (GGICO) led the DFM’s losers on Sunday, sliding 6.7% to AED 0.251, while Marka’s stock dropped 3.9% to AED 0.318, as investors await the two firms’ shareholder meetings to discuss if they will continue operations or not.

Union Properties, down 0.9% to AED 0.838, was among the decliners after the company said that its shareholders would not acquit the board.

Emaar Properties’ stock fell 0.7% to AED 5.6, while Dubai Investments shed 0.48% to AED 2.09. Moreover, DFM Company and Dubai Islamic Bank (DIB) slipped 0.3% and 0.18%, respectively.

Translated by: Nada Adel Sobhi