Emaar trades hit Dh1.13 billion on DFM
UAE property major Emaar traded an impressive 81 million shares worth Dh1.13 billion as the shares on Sunday, closing down at 3.8 per cent reaching Dh13.90.
Islamic mortgage lender Amlak also closed down, slipped five per cent and reaching Dh7.4. Meanwhile, Aramex closed 3.7 per cent down at Dh3.3, Arabtec and Du were down 4.7 per cent and 2.3 per cent respectively, according to Khaleej Times.
Such leading shares drew the market down, with the Dubai Financial Market index posting significant losses for the second day in a row as yesterday with the index closing 3.99 per cent down at 437.8. DFM shares reported across the board fall in share prices with liquid shares, while Sunday’s loss was the biggest on the DFM index during the past four months, bringing the total losses during the past two days to 7.7 per cent.
Some market observers saw the trend as nothing to worry about, despite the falls.
“There is nothing unusual about the profit taking happening in the market. Emaar had gained about 35 per cent in the recent rally,” said one broker working on the Dubai Financial Market.
“The high volumes indicate that investors are willing to trade and we expect them to accumulate during the days ahead,” he added.
However, some do not see the high volumes of shares traded as a reason to celebrate, especially as the Muslim holy month of Ramadan draws closer. Traditionally, markets during this time remain have low volumes and very little significant corporate action.