Dubai – Mubasher: The Dubai Financial Market (DFM) extended its decline on Thursday, weighed by selling across many of its leading stocks amid concerns regarding Dubai’s property prices, the meeting by the Organization of Petroleum Exporting Countries (OPEC), and truce talks between the US and China.

The DFMGI dropped 1.97% or 51.88 points to close the session at 2,580.27, its lowest level since 21 January 2016.

On Thursday, the DFM marked its fourth drop in a row.

Turnover retreated to AED 220.46 million from AED 413.57 million on Wednesday, while traded volume decreased to 212.28 million shares traded versus 305.26 million.

Top decliners

The consumer staples sector led losers, sliding 5.5% after DXB dropped 3.25% to AED 0.270, while the investment sector shed 5.42%, dragged lower by most of its stock particularly Dubai Investments, which sank 6.82% to AED 1.23.

Moreover, the real estate sector fell 3.86% after Union Properties nosedived 9.9% to its lowest level since January 2016, while Emaar Properties plunged 4.28% to AED 4.28, while Arabtec Holding decreased 3.52% to AED 1.92 and DAMAC Properties lost 2.81%.

In addition, the insurance sector was down 1.01% after Dar Al Takaful slid 9.94% to AED 0.453, while the telecom sector and its only stock du fell 0.8% each.

The banks sector tumbled 0.61% on the back of Emirates NBD’s 1.33% drop to AED 5.18, while the transport sector decreased 0.27% after Aramex lost 0.48% to AED 4.18.

Gainer

On the positive side, the services sector gained 2.51% after Tabreed grew 3.05% to AED 1.580.