DFM down by 4.39% month-to-date

Trading on Dubai Financial Market (DFM) remained rangebound on the first day of the week as investors and traders avoided any positions before the market closed for Eid holidays on Sunday.

The benchmark index closed at 1,687, down 4.65 points or 0.28 per cent, with all sectors except insurance ending in the red.

"Sunday is the last day before the market closes for Eid holidays. That is the reason why investors and traders don't want to be exposed to big trading positions before the holidays. Additionally, since global markets have been performing well for a long time, there is a general concern that during the coming holidays the global markets might see some weakness. This concern is being reflected negatively on any positions by investors on DFM," Chahir Hosni, Sales Manager (MENA equities), EFG Hermes told Emirates 24|7.

Month-to-date DFM is down by 4.39 per cent, almost erasing all of its last month's gains. Last month, DFM rose 4.8 per cent compared to September.

Major decliners on Sunday's trading included DP World, Emaar, Takaful House, Tabreed, Aramex, among others.

"Companies have posted mixed Q3 results, though there has been lot of disappointments as well. Overall, Q3 results did not generate the catalysts that the market needed to move higher," Hosni added.

The outlook for the market undertone remains rangebound, analysts believe.

"Going forward, market is expected to trade within a tight range after the holidays and until the next quarter results. In the coming quarter, the UAE markets would look for directions both from the international markets as well as would look for domestic drivers," he said.

Abu Dhabi Securities Exchange (ADX) also closed 9.52 points down at 2,748.92.