By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a negative performance on Sunday, amid increased sales of blue chips and profit-taking in line with the beginning of the holy month of Ramadan, analysts told Mubasher.
The main index fell 1.01% or 33.53 points to reach 3,293.60 points.
The market is still suffering from low trading volume, Jamal Ajaj, director of Al Sharhan Shares Centre in Abu Dhabi, told Mubasher.
Some stocks saw selling pressures with the beginning of Ramadan which usually witnesses calm trades in line with the lack of positive catalysts, Ajaj added.
The decline of blue chips like Emaar Properties, Dubai Islamic Bank (DIB), and Emirates NBD pushed the main index to fall below 3,300 points, its lowest level in six months, Ajaj added.
The investment sector fell 2.25% as DFM Company and Dubai Investments retreated 2.8% and 2.4%, respectively.
The real estate sector sank 1.09% due to a decline in Emaar Malls Group (EMG) and Emaar Properties by 2.34% and 1.24%, respectively.
The market was weighed down by decreasing positions in some stocks, with expectations to see further declines amid the current correction phase, capital market analyst Khalifa Al Kaabi said.
The decline of Emaar below AED 7.2 may push it to drop to AED 7 or AED 6.5, Al Kaabi added.
Turnover amounted to AED 213.62 million on Sunday, compared to AED 272.29 million last Thursday. Trading volume reached 167.43 million shares, compared to 297.9 million shares.
Translated by: Julian Nabil
