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05 March 2024

DFM drops to 3-week low

Markets open weak (File)

By Staff

Dubai Financial Market (DFM) slumped to a three-week low on Sunday as regional politics spurred selling across GCC markets. The benchmark fell 1.7 per cent to 1,567 points. It hit an intraday low of 1,559 points, its lowest level since February 2, before rebounding slightly.

Arabtec fell 2.4 per cent, with traders little moved by the builder winning a Dh206 million ($56.08 million) contract.

Emaar Properties and Air Arabia each lost 2.2 per cent.

At 11.05am, the benchmark index was 1,565.65, down 29.22 points or 1.83 per cent, with all sectoral indices posting decline. Out of 22 stocks being traded, 20 were trading in the red.

“There might be some selling in the market before it rebounds later," said Adel Nasr, United Securities brokerage manager in Muscat, speaking before trading opened. 

“There will be selling in the market, particularly in stocks that have foreign investors - people expect foreigners to sell and so want to sell before them.”

Abu Dhabi Securities Exchange (ADX) also fell 0.8 per cent to 2,661 points, while Oman's measure slipped 0.7 per cent to 6,922 points.

Saudi Arabia's index (Tasi) also dropped 1.6 per cent to a three-week low on Saturday, its fifth straight decline.

Stock market in Bahrain is also trading down with the Bahrain bourse index losing 0.24 percent as per the latest data. 

(with inputs from Reuters)