Global cheer fails to lift DFM

03/08/2010 00:00 AST

Positive cues from global markets fell short of boosting sentiment on Dubai Financial Market (DFM), dragging DFM General Index (DFMGI) by 0.75 points (0.05 per cent) to close at 1,509.63 at the end of the session on Monday.

The benchmark failed to sustain momentum throughout the trading session, despite gains in the early hours of trading. Banking, insurance, materials and utilities sectors pulled the market down. While banking index declined by 0.64 per cent, insurance sector were down by 0.21 per cent.

Materials sector saw the sharpest fall across sectoral indices posting a loss of 4.80 per cent, followed by utilities sector falling by 1.36 per cent.

Telecom, finance sector, real estate, and transportation sectors ended in green on the market.

Shuaa Capital, Aramex, Takaful Emarat, Gulf General Investments Company, Gulf Finance House, du, and DP World were among major gainers.

Market breadth was negative on DFM with 12 advances against 14 declines.

European stocks indices posted gains today on the back of healthy earnings posted by banking giants. Asian markets also ended in green with the benchmark Bombay Stock Exchange (Sensex) surging by around 200 points. Japan's Nikkei index, South Korea's Kospi Composite and Hong Kong's Hang Seng index also edged higher today.


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