By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a negative performance on Tuesday, weighed down by the sales of blue chips led by Arabtec Holding and Emaar Properties.
The general index declined 0.30% or 10.85 points to reach 3,624.15 points.
Some portfolio investors tended to speculate and decrease their positions in some blue chips, technical analyst Gamal Abdul Hamid told Mubasher.
The services sector led losers with a 1.5% decline after Tabreed retreated 2.8%. The transportation sector sank 1.37% as Gulf Navigation Holding tumbled 3.03%.
Investors were cautious due to the lack of new catalysts, Abdul Hamid noted.
Emirates NBD fell 2.9%, followed by Arabtec Holding and Emaar Properties levelling down 0.9% and 0.5%, respectively.
The consumer staples sector grew 0.35% after DXB Entertainments added 0.6%.
Turnover amounted to AED 229.40 million on Tuesday, compared to AED 209.77 million on Wednesday. Trading volume reached 182.95 million shares, compared to 154 million shares.
Real estate stocks will see buying momentum with the beginning of Cityscape Global 2017 which will be held from 11 to 13 September, the analyst said.
Stability of the main index above 3,622 points will push the main index to rise to 3,627 points, Abdul Hamid noted.
Translated by: Julian Nabil
