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Sell-off weighs on DFM at Thursday’s close

Sell-off weighs on DFM at Thursday’s close
The telecommunication sector and its only stock, du, gained 0.20%, each.

By: Mahmoud Gamal

Dubai – Mubasher: The Dubai Financial Market (DFM) closed Thursday’s trading session in the red after its general index lost 31.61 points, or 1.20%, to 2,594.52 points, dragged by sell-off transactions on blue-chip stocks, especially in the banks and real estate sectors.

Top faller

The real estate sector was the worst performer with 2.2% as Emaar Properties fell 3.07% to AED 4.74, while Damac Properties levelled down 2.11%, finishing at AED 1.39.

The banks sector decreased 1.22% after the heavyweight Emirates NBD slid 1.6% and Dubai Islamic Bank (DIB) declined 1.15%.

The investment and financial services sector shed 0.55% as the stock of Dubai Financial Market Company (DFM Company) dipped 2.23% to AED 0.788.

The stocks of Arabtec Holding, Emaar Malls, Emaar Development, Air Arabia, and GFH Group went down 1.38%, 1.18%, 0.53%, 0.43%, and 0.21%, respectively.

On the other hand, the services sector rose 2% as Amanat Holdings increased 3.65% to AED 0.995, while the transportation sector grew 0.33% after Aramex edged up 0.93%.

The telecommunication sector and its only stock, du, gained 0.20%, each.

The bourse’s liquidity increased to AED 214.37 million, from AED 129.8 million, while traded volume fell to 79.24 million shares, against 130.513 million on Wednesday.

The DFM’s market capitalisation decreased by AED 2.9 billion to AED 344.87 billion, down from AED 347.8 billion in the session before.

The outsize cash dividends of some companies could put the DFM on a positive track over the coming period, general manager of Al Ansari Financial Services Eyad Al Bouriki told Mubasher.

The Emirate bourses are still attractive for investments, especially for long-term investors, Al Bouriki said.

 

Translated by: Mohammad Hesham Azab