By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a negative performance on Tuesday, weighed down by the fall of real estate stocks.
The general index sank 0.09% or 3.12 points to reach 3,630.34 points.
The DFM saw a volatile performance in today's session, amid an attempt to make up for the losses it had incurred following the announcements of some leading companies’ disappointing annual financials, capital market analyst Mahmoud Diab told Mubasher.
The market tried to absorb the shock of these lower-than-expected results following the disclosure of Emaar Misr’s strong financials, but it did not manage to close in green, Diab noted.
The consumer staples sector led losers with a 2.6% decline as DXB Entertainments sank 3.6%.
The real estate sector fell 0.27% as Arabtec Holding and Emaar Properties retreated 2.34% and 1.06%, respectively.
The insurance sector levelled down 0.8% after Dar Al Takaful and Aramex slid 1.4%. The transportation sector also decreased 0.07% as Aramex tumbled 1.4%.
On the flipside, the services sector rose 1.35% after Amanat Holdings went up 2.6%. The investment sector added 0.7% as DFM Company grew 3.6%.
Trading volume reached 469.67 million shares on Tuesday, compared to 160.69 million shares on Monday. Turnover amounted to AED 748.33 million, compared to AED 293.89 million.
The DFMGI needs to break above its resistance at 3,650-3,750 points to decrease the possibility of its fall again, the analyst explained.
The main index will fall to 3,490 points if it moves below its support at 3,600 points, Diab concluded.
Translated by: Julian Nabil
