DFM ends July in red as companies report pandemic-hit earnings

CountryUnited Arab Emirates

By: Enas Bahgat Dubai – Mubasher: The general index of the Dubai Financial Market (DFM) ended July on a negative note as companies report their financial results which were impacted by the coronavirus (COVID-19) pandemic.     The DFM’s general index decreased by 0.7% or 14.51 points to 2,050.77 points at the end of July from 2,065.28 points a month earlier. The market cap value fell by AED 590 million to AED 292.34 billion in July from AED 292.93 billion in June. The banks and investment sectors slid by 0.5% and 1.5%, respectively, while the real estate sector increased by 0.4%. As for stocks, Arabtec Holding jumped by 118.5% and DAMAC Properties increased by 31.5%, whereas Emaar Properties, Emaar Development, and Emaar Malls retreated by 5.8%, 0.9%, and...read more...