By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) closed in the red on Tuesday for the fourth successive session, weighed by selling pressure in the real estate sector, as well as in the banks and investment sectors.
The DFMGI retreated 1.79% or 63.38 points to close at 3,480.70 points.
The investment sector topped the DFM’s losers, shedding 3% after Dubai Investments lost 3.24%.
The real estate sector also tumbled 2.5% after Emaar Properties levelled down 1.12%, while the banks sector sank 0.2%, as Dubai Islamic Bank (DIB) declined by 0.3%.
The DFM retreated for the fourth straight session, undergoing selling pressure, especially in the real estate sector, in line with the anti-corruption measures taken in Saudi Arabia against several top officials and businessmen, vice president of Investment Research at KAMCO Raed Diab told Mubasher.
These measures have affected investors’ morale, as Saudis are the main investors in the real estate sector in Dubai, Diab added.
The market may recover in the coming sessions with the decrease in some stocks’ prices, in line with the anticipation of the quarterly results, which might motivate investors to seize the opportunity to buy stocks, the analyst commented.
Technically, there was strong selling on the DFM following the general index’s failure to break above 3,682 points, Diab continued, noting that support will be seen near 3,465 points.
Diab expects the market to witness some short-term buying, as a part of the natural correction after the continuous selling trend.
The DFM’s trading volume shrank to 220.42 million shares on Tuesday from 234.83 million shares on Monday, while the market’s turnover slipped to AED 435.13 million versus AED 436.13 million in the previous session.
Translated by: Muhammad Abdulwakeel
