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DFM ends July in red as companies report pandemic-hit earnings

DFM ends July in red as companies report pandemic-hit earnings
The market cap value fell by AED 590 million

By: Enas Bahgat

Dubai – Mubasher: The general index of the Dubai Financial Market (DFM) ended July on a negative note as companies report their financial results which were impacted by the coronavirus (COVID-19) pandemic.    

The DFM’s general index decreased by 0.7% or 14.51 points to 2,050.77 points at the end of July from 2,065.28 points a month earlier.

The market cap value fell by AED 590 million to AED 292.34 billion in July from AED 292.93 billion in June.

The banks and investment sectors slid by 0.5% and 1.5%, respectively, while the real estate sector increased by 0.4%.

As for stocks, Arabtec Holding jumped by 118.5% and DAMAC Properties increased by 31.5%, whereas Emaar Properties, Emaar Development, and Emaar Malls retreated by 5.8%, 0.9%, and 2.9%, respectively.

Meanwhile, Dubai Islamic Bank, Emirates NBD, and Dubai Investments dropped by 1.3%, 0.22%, and 1.7%, in that order.

It is worth mentioning that the DFM announced that trading would be halted from 30 July until 2 August on the occasion of Eid Al Adha to be resumed again on 3 August.