By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) erased its early gains on Tuesday, weighed down by profit-taking, according to an analyst.
The main index fell 0.47% or 15.43 points to reach 3,290.76 points.
The consumer staples sector was the worst performer after falling 1.36%, dragged down by DXB Entertainments which sank 1.36%.
The real estate sector tumbled 1.3% as Drake and Scull International (DSI), Arabtec Holding and SHUAA Capital fell 6.2%, 2.5% and 0.3% respectively. The transportation sector also retreated 0.28% after Gulf Navigation Holding levelled down 3.16%.
Most blue chips declined amid the absence of internal catalysts and speculation on small caps, Raed Diab, Vice President of Investment Research Department in KAMCO, told Mubasher.
On the flipside, the services sector rose 6.08% as Tabreed and Amanat Holdings gained 8.02% and 5.1% respectively.
Trading volume reached 1.48 billion shares on Tuesday, compared to 1.055 billion shares on Monday. Turnover amounted AED 1.9 billion, compared to AED 1.197 billion.
Inability of the DFMGI to break its resistance at 3,340 points may lead the market to see selling pressures in the coming period and decline to 3,250 points, the analyst said.
However, the main index may reach 3,370-3,400 points if it manages to move above 3,340 points, Diab noted.
Translated by: Julian Nabil
