Sell-offs break DFM four-day winning streak

Dubai shares broke a four-day winning streak as investors booked gains yesterday.

The Dubai Financial Market General Index ended down 1.3 per cent at 4,625.21 points.

Shares in Aramex, the logistics firm, were hit the hardest, falling 4.04 per cent at the close.

Aramex reported a 12 per cent rise in revenues and a 16 per cent rise in net profit for the third quarter of the year, with the announcement coming after the market’s close.

Shares for Dubai Investments fell 3.07 per cent, despite the company reporting a 17.4 per cent rise in profits for the third quarter, which it attributed to lower costs and administrative expenses.

The traditional benchmarks Arabtec and Emaar Properties, slipped 2.49 per cent and 0.95 per cent, respectively.

The Dubai Financial Market, the listed bourse operator reported a 85.4 per cent year-on-year increase in third quarter net profit to Dh153.5 million.

Meanwhile, the Abu Dhabi Securities Exchange booked its fifth consecutive day of gains. The index ended up 0.49 per cent at 4,893.93, its highest level in two weeks.

Shares of Sharjah Cement, which gained 9.26 per cent and Asmak, up 6.62 per cent, were among the best performing stocks of the day.

Shares in FGB, one of the country’s largest banks, rose by 3.48 per cent. The bank yesterday posted a net profit of Dh1.42 billion for the third quarter, a 20 per cent year-on- year increase.

The index heavyweight, Aldar Properties, meanwhile, finished the day down 2.34 per cent.

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