By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) extended its losses on Tuesday amid strong profit-taking on its leading shares.
The general index fell 1.22% or 43.94 points to end the session at 3,560.04 points.
The increase in profit-taking on blue chips has deepened the market’s losses and negative performance, commented KAMCO vice president for investment Raed Diab.
Falling below the horizontal level of 3,600 points Tuesday confirms that we will see another decline towards 3,490 points, the analyst told Mubasher.
He added that should the DFM be able to recover above 3,670-3,700 points, this will boost the probability that the market will near the level of 3,750 points.
The consumer staples sector led losers, falling 3.6% after DXB shed 3.45%, while the investment sector declined 2.6%, pressured by DFM Company’s 5.3% drop.
The real estate and banks sectors were down 1.42% and 1.07%, respectively, after Arabtec slid 6.67%, Emaar Properties slipped 0.8%, and Emirates NBD sank by 4%.
Turnover reached AED 596.98 million ($162.56 million) down from AED 645.64 million ($175.81 million) on Monday, whereas traded volume increased to 471.25 million shares from 464.36 million in the previous session.
Investors are waiting to see the impact of the last US Federal Reserve meeting, which will determine global market trends, particularly after Fed chair Janet Yellen supported raising interest rates, Diab added in his comment to Mubasher.
Translated by: Nada Adel Sobhi
