By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) reversed the uptrend it maintained for three successive sessions on Wednesday, dragged down by profit-taking on blue chips.
The DFMGI fell 0.84% or 27.8 points to reach 3,278.93 points.
The market was weighed down by profit-taking on blue chips which reached their target levels, in addition to fears over the performance of other bourses in the aftermath of US elections, according to UAE markets analyst Mohammed Al Hosni.
The transportation sector led losers after falling 1.75% as Air Arabia retreated 2.34%. The investment sector also slid 1.5% as Dubai Investments tumbled1.9%.
The real estate declined 0.6% after Arabtec Holding sank 0.75%. Likewise, the banks sector levelled down 0.2% due to a decrease in Mashreq Bank by 1.52%.
Speculators’ tendency to direct their purchases towards mid caps and blue chips led some sectors to rise, Al Hosni added.
On the flipside, GFH Financial Group topped gainers with a 6.43% rise as SHUAA Capital and Emaar Malls Group (EMG) increased 3.3% and 0.8% respectively.
Turnover reached AED 945 million on Wednesday, compared to AED 585.45 million on Tuesday. Trading volume stood at 701.91 million shares, compared to 427.34 million shares.
The markets still suffer from weak liquidity, reflecting the hesitation of some investors to pump investments as they await the third-quarter financial annoucements of some heavy-weight firms like Arabtec.
Translated by: Julian Nabil
