By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index shed 0.13% or 4.51 points to close at 3,464.14 points on the back of selling pressure and profit-taking on blue chips on Sunday.
Investors were reducing their stock positions, said capital market analyst Mohamed Al Azmi, noting that more declines on the DFM were likely to take place due to the lack of internal incentives.
From a technical perspective, several stocks broke below their support levels, which augmented investors’ concerns and, consequently, dragged the DFMGI down, Al Azmi added.
The consumer staples sector topped the market’s losers, sinking 1.6%, after DXB Entertainments lost 1.84% to AED 0.64, while the telecommunications sector and its only stock du went down 0.6% each.
The services sector levelled down 0.46%, as Tabreed fell 2.1%, while the investment sector tumbled 0.3%, as DFM Company shed 1.7% to AED 1.11.
The transportation sector fell 0.2% after Gulf Navigation sank 1.87%.
The banks sector inched down 0.09%, as Emirates NBD and Dubai Islamic Bank (DIB) decreased 0.24% and 0.17%, respectively.
Arabtec Holding and Emaar Properties declined by 1.8% and 0.4%, respectively.
Emaar Properties’ stock dropped today to AED 6.88, which may result in it declining further to AED 6.5, an attractive price, Al Azmi stated.
The DFM is expected to maintain its declining course on Monday and reach 3,460 points, the analyst noted, adding that blue chips have hit attractive prices before the disclosure of their financial statements and dividends.
The DFM’s trading volume more than halved to 113.19 million shares on Sunday from 246.93 million shares on Thursday, while the market’s liquidity retreated to AED 169.71 million, compared to AED 326.16 million in the previous session.
Translated by: Muhammad Khalid
