By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) maintained its negative performance for the third session in a row on Sunday amid low trading activity, weighed down by the fall of the telecom and real estate sectors.
The main index reached 3,678.45 points after losing 1.13% or 42.14 points, its highest losses in one month.
The market generated AED 912 million from the exchange of 1.047 billion shares.
Dubai’s bourse still has the ability to rise to 3,770 points, financial advisor Safwat Totah told Mubasher.
Emaar Properties and Dubai Islamic Bank (DIB) will support the market in the coming period, Totah added.
The telecom sector led losers after falling 2.40%, weighed down by du which slid 2.40%.
The real estate sector led losers with a 1.45% decline, weighed down by Emaar Malls Group, Emaar Properties and Arabtec Holding which levelled down 1.9%, 1.7% and 0.67% respectively.
Emaar targets to reach AED 7.85 especially amid expectations that the company will post positive results, Totah added.
Union Properties (UP), which slid 0.87% to AED 1.14, was the value leader after generating AED 231.21 million from the exchange of 200.54 million shares.
UP saw speculative trading on Sunday, Totah explained, adding that closure of the main index above AED 1.18 will be a positive signal.
The investment sector levelled down 1.29% due to a decline in Gulf General Investment (GGICO), Amlak Finance and Dubai Investments by 2.86%, 2.2% and 1.92% respectively.
The banks sector sank 0.15% after Emirates NBD tumbled 1.02%.
Translated by: Julian Nabil
