Dubai: The Dubai Financial Market’s (DFM) general index extended its downward trajectory on Wednesday, losing 0.84% to close at 2814.97 points, pressured by profit taking transactions.
The consumer staples sector was the worst performer, plunging 3.78% after Entertainments PJSC (DXBE) fell 4.16% to AED 0.369.
The Insurance sector declined 1.74% after Takaful Al Emarat Insurance Company dipped 6.08% to AED 1.7 and Islamic Arab Insurance Company (Salama) dropped 2.9% to AED 0.602.
The banks sector levelled down 1.05% as the heavyweight Emirates NBD fell 2.08% to AED 9.4 after news reports about the bank’s intention to renegotiate the acquisition offer for Turkey-based DenizBank after the steep drop of the Lira .
The real estate sector has extended its losses for the second straight day, coinciding with the launch of Cityscape Global on Tuesday, 2 October at the Dubai World Trade Centre (DWTC).
Emaar Properties and Emaar Malls edged down 0.59% and 0.54%, respectively, while Damac Properties added 2.42%.
Ehab Rashad, CEO of Al Safwa Financial Services, told Mubasher that the negative performance has gripped the stock market, especially the real estate stocks.
He ascribed the market’s down trend despite the beginning of the Middle East’s largest real estate exhibition to investor fears on higher supply of the ready-made residential units in the emirate of Dubai and the UAE in general.
The telecommunication sector and its only stock, DU, declined 0.60% each.
On the other hand, the transportation sector gained 0.12% after Aramex added 1.25% to AED 4.05.
The DFM’s liquidity amounted to AED 288.045 million ($ 78.40 million), while the market’s trading volume rose to 322.78 million shares.
Translated by: Dunya Hassanin
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