Bearish sentiment has weighed on Dubai Financial Market
A bearish sentiment has weighed on Dubai Financial Market (DFM) last Thursday, triggered by downbeat U.S. job data.
Dubai Financial Market General Index (DFMGI) snapped a two-session uptrend, dipping 0.51%, or 8.06 points, to 1566.34.
The measure peaked at 1574.4 pts and bottomed out at 1548.38 pts.
Trading volume declined 20.78% to 148.5 million shares, compared to 187.44 million shares exchanged yesterday. Turnover also fell 7.84% from AED 199.06 million to AED 183.45 million. Similarly, the number of transactions went down 7% to 2345 from 2522.
The thin traded volume pushed away speculators and investors.
The lack of liquidity and absence of investment portfolios for a long period made the bourse easily hurt by global bad news. The slump was also ascribed to disappointing Q1-11 figures of blue chip Emaar whose stock is diving.
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