By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a negative performance on Thursday, backed by profit-taking on blue chips, amid fluctuations of global stocks regarding the ongoing rift between Qatar and some Arab and GCC states, namely Saudi Arabia and its allies.
The DFMGI declined 0.47% or 16.2 points to reach 3,401.15 points.
The market’s decline on lower liquidity reflects that investors are shying away from trading amid anxiety over Qatar’s rift, according to Manaf Al Mallouhi, head of research at Elite Financial Services.
The markets are expected to see a clearer trend and the entry of new liquidity, in line with the beginning of first-half financials, Al Mallouhi added.
The market saw fluctuations amid profit-taking on Emaar Properties and Drake and Scull International (DSI), technical analyst Mohamed Ismail said.
The real estate sector led losers with a 1.03% decline as Emaar and DSI declined 1.4% and 0.8%, respectively.
The banks sector retreated 0.04% as Ajman Bank and Amlak Finance slid 0.88% and 0.63%, respectively.
Some portfolio investors tended to decrease positions on blue chips and small caps, amid anticipations of first-half results, Ismail said.
Trading volume reached 88.46 million shares, generating AED 120.5 million.
The decline of the main index below its current level may increase the possibility of its decline below 3,360 points, the technical analyst said.
Translated by: Julian Nabil
