By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) saw a negative performance on Wednesday, weighed down by profit-taking on blue-chip stocks.
The DFMGI lost 0.15% or 5.01 points to reach 3,324.70 points.
The real estate sector slid 0.33% due to a decline in Emaar Properties and Emaar Malls Group.
The investment sector retreated 0.2% as Dubai Parks and Resorts decreased.
The banks sector levelled down 0.33% after Dubai Islamic Bank (DIB) declined.
Some portfolio investors tended to decrease their positions in blue-chip stocks, amid volatile performance of global and Gulf markets due to the state of caution that controls traders who await the US Federal Reserve meeting’s results, UAE markets analyst Mohammed Al Hosni said.
On the flipside, the telecom sector gained 0.95% as du advanced 0.95%.
Trading volume reached 226.05 million shares on Wednesday, compared to 163.61 million shares on Thursday. Turnover stood at AED 243.69 million, compared to AED 274.76 million.
Dubai bourse is expected to see its negative performance on Thursday, Al Hosni noted, adding that small investors should not increase their positions until the main index breaks above 3,350 points.
Translated by: Julian Nabil
