The Dubai Financial Market (DFM) closed the week ended Thursday, 9 August in the red, marking its largest loss in a month or since 29 June on the back of falling stocks in the banks and real estate sectors.
The DFMGI retreated 1.81% or 28.54 points during the week to close at 2,920.11 points, breaking a five-week rising streak.
The drop in the market’s liquidity confirms that investors remain cautious of forecasted declines in the coming period, commented Jamal Ajaj, general manager of Al Sharhan Stock Center.
Turnover dropped to AED 648.92 million this week from AED 712.69 million last week, while traded volume increased to 507.06 million shares traded versus 474.74 million.
The banks sector led losers, falling 3.3% after Emirates NBD retreated 5.2% to AED 10, while Dubai Islamic Bank (DIB) decreased 1.7%.
The real estate sector was down 1.11% on Arabtec’s 2.03% drop to AED 1.93, while Emaar Properties shed 0.56% to AED 5.3.
Moreover, the investment sector lost 0.52% after Dubai Investments fell 0.49% to AED 2.02.