Dubai Market Today

Analysts' expectations of further losses on the Dubai Financial Market were proved right today: the index closed down 0.36% to 3,858.16.According to the experts, the trend is set to continue due to the ongoing drop in the share price of the DFM, which is listed on the exchange itself. "Last week we saw how the DFM outperformed the rest of the market. But right now we are seeing a correction in the [DFM's] share price and this will have an effect on the rest of the market as it is the most traded volume in the market," said Amro Diab, head of GCC institutional sales at EFG-Hermes.

The meteoric rise of the DFM's own share price which saw the price jump from AED 2.10 to AED 3.02 will also go down in the same respect, say analysts."The DFM overshot itself and I believe it will now over correct itself - probably correct more than the market," added Diab.Yesterday over 500 million shares changed hands on the DFM. However, today 372 million shares worth AED1.2 billion were traded on the stock market.National real estate company WARE was today's biggest gainer, having risen 2.50% to AED 24.60. This was followed by Dubai Islamic Bank (DIB) which rose 1.81% to AED 7.30. Third on the gainers list was Tamweel. The bank's share price went up 1.20% to AED 3.38.Union Properties (UPP) went down 3.33% to AED 2.61. Likewise, DFM and GGICO saw its share price fall 2.75% and 2.41% respectively.Meanwhile, the Abu Dhabi Securities Market closed up 0.11% to 3,094.32. The market's highest riser was banking giant United Arab Bank (UAB). Source