By: Mahmoud Gamal

Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index lost 22.37 points, or 0.76%, to close at 2,932.09 points on Sunday, pressured by profit-taking deals.

The decline of oil prices in the previous week affected investors’ morale and offset the positive effect of the UAE cabinet's recent decisions regarding residency and foreign ownership limit, senior financial analyst at Mena Corp Issam Kassabieh said.

On Friday, Brent crudes shed to $78.43 per barrel (pb), while US Nymex futures declined to $70.44 pb.

The real estate sector decreased by 1.08% after Damac Properties went down 2.08% to AED 2.35, while Emaar Malls and Emaar Properties sank 1.43% to AED 2.07 and 1.35% to AED 5.12, respectively. 

The banks sector levelled down 0.68%, as Dubai Islamic Bank (DIB) fell 0.63% to AED 0.62%.

The investment sector declined 0.62% after DFM Company tumbled 1.84%, while the transportation sector went down 0.45%, as Aramex sank 0.77% to AED 3.85.

The DFM’s trading volume reached 179.11 million shares, while the market’s liquidity hit AED 156.41 million.

Translated by: Muhammad Khalid