By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) reversed its early upward trend on Wednesday, weighed down by real estate and banks.
The main gauge fell 0.55% or 18.4 points to reach 3,351.33 points.
The market was forced down by profit-taking, exchange of positions from blue chips to small caps and fall of global markets, capital market analyst Reda Bassiouny said.
Trading volume reached 720.15 million shares on Wednesday, compared to 603 million shares on Tuesday.
Turnover rose to AED 778.7 million from AED 613.6 million.
The consumer staples sector levelled down 1.5% as Dubai Parks and Resorts retreated 1.6%.
The real estate sector declined 0.6% after Arabtec Holding, Emaar Properties and Emaar Malls slid 1.15%, 0.8% and 0.7%, respectively.
The investment sector went down 0.3%, stifled by DFM Company’s loss of 1.4%.
Bassiouny advised traders to be cautious and increase their positions if the market maintained its level above 3,345 points.
