By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index lost 34.37 points, or 1.09%, to 3115.16 points on Sunday, its lowest level in a month, on the back of selling pressure.
Investors resumed their sell-offs lest that global markets drop further, MindCraft Consultants’ CEO Fadi Al Ghattis said.
European stocks tumbled by the end of Friday for the third successive day.
Current stock prices, especially blue chips’, are so attractive for long-term investors, Al Ghattis continued.
The Emirati stocks are among the world's most affordable stocks, the analyst noted, adding that UAE-listed companies offer generous dividends that exceed 6% of their capital.
The transportation sector fell 2.2% after Aramex dropped 3.7% to AED 4.17, while the banks sector decreased by 1.2%, as Dubai Islamic Bank (DIB) shed 2.01%.
The real estate sector levelled down 1.16% after Emaar Properties declined 2.7% to AED 5.73.
The telecommunications sector and its only stock, du, went down 0.6%, while the consumer staples sector sank 0.52% after DXB Entertainments lost 0.38% to AED 0.524.
On the other hand, the services sector grew 1.39%, as Amanat Holdings rose 2.3% to AED 1.34.
Naeem Holding increased by 0.84% to AED 2.4, with a turnover of AED 902,980.
The DFM launched trades on Egypt-based Naeem Holding’s stock, which is considered the second dual-listing on the bouse, this week following the listing of the Bahraini Ithmaar Holding.
UAE markets, especially the DFM, require double-listings to diversify investment base and attract new capital; however, Naeem’s listing was too early, given the negative performance of the market in the last period, Al Ghattis remarked.
By the end of the first session of the week, trading volume shrank to 99.66 million shares from 144.155 million on Thursday, while liquidity dropped to AED 147.5 million versus AED 259.39 million in the previous session.
Deyaar Development surged 2.53% to AED 0.487 and topped the DFM in terms of volume, with 29.43 million shares. Emaar Properties led the market in terms of liquidity, with a turnover of AED 30.23 million.
Translated by: Muhammad Khalid
