DFM extends weekly fall amid strong selling

DFM extends weekly fall amid strong selling
DFM extends weekly fall amid strong selling

By: Mahmoud Gamal

Dubai – Mubasher: The Dubai Financial Market (DFM) extended its declines this week amid profit-taking despite the emergence of internal catalysts such as Abu Dhabi Financial Group’s (ADFG) acquisition of a stake in Salama Insurance.

The general index shed 0.59% or 16.73 points and closed at 2,809.87 points.

Turnover rose to AED 1.10 billion, the highest weekly value since late July, from AED 780.33 million last week, while volume nearly doubled to 1.239 billion shares traded versus 643.09 million.

The real estate sector led the week’s fallers, losing 2.31% after Drake & Scull International (DSI) plunged 10.2% to AED 0.405, while Emaar Development, Emaar Malls, and Emaar Properties retreated 3.33%, 5.5%, and 2.75%, respectively. In addition, Arabtec Holding fell 1.06% to AED 1.86.

The services sector tumbled 1.38% after Tabreed decreased 5.39% to AED 1.65, while the transport sector was down 1.04% in a week, weighed by Air Arabia’s 2.28% drop to AED 0.987, while Aramex shed 0.93% to AED 4.25.

The DFM appears to have been affected by the twists and turns in the US-China trade war and its impact on global markets, analysts told Mubasher.

The banks and investment sectors declined 0.38% and 0.25%, respectively after Emirates NBD and Dubai Investments decreased 1.08% and 1.52%, respectively.

During the week, Salama’s stock leapt 38.67%, following several sessions of gains on the back of news that the ADGM had acquired nearly 30% of the company.

UAE bourses will be closed on Thursday with trading to resume on Sunday, 16 September.

 

Translated by: Nada Adel Sobhi

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Source: Mubasher Exclusive

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