By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) ended the week in the red as profit-taking resumed in some leading and defensive stocks, led by real estate.
The DFMGI lost 0.97% or 34.3 points and closed at 3,588.17 points on Thursday, 22 December.
The DFMGI has recorded his highest weekly losses in over two months, owing to the negative performance of real estate stocks particularly Arabtec, commented technical analyst Amin El-Hennawy.
The weak performance is justified by the timing as the end of the year season is generally known for the holidays in the emirate, the analyst told Mubasher.
Turnover dropped during the week to AED 1.39 billion from AED 4.2 billion last week, while traded volume more than halved to 1.08 billion shares compared to 3.31 billion shares last week.
The real estate sector shed 1.75%, with Arabtec and Emaar Properties falling 5.1% and 2.16%, respectively.
The investment sector slipped 0.23% as DFM Company lost 2.3% this week, while the transport sector was down 0.2% on the back of Air Arabia's 1.5% decline. The consumer staples sector fell 2.5% after DXB dropped 2.9%.
Al-Hennawy told Mubasher he expected the DFM to extend losses next week, amid a clear drop in liquidity, adding that the market was likely to see a sideways performance.
Translated by: Nada Adel Sobhi
