By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) continued its negative performance on Wednesday, amid profit-taking and anticipations of third-quarter financials.
The main index lost 0.98% or 32.56 points to reach 3,304.2 points.
The market saw higher selling pressures due to investors’ anxiety over Q3-16 financials after some firms announced lower-than-expected profits, market analyst Fawzi Abdullah told Mubasher.
The main index is moving sideways between 3,350 and 3,000 points, the analyst noted.
The real estate sector was the worst performer after falling 1.6%, weighed down by Arabtec Holding and Emaar Malls which slid 3.09% and 1.9% respectively.
The banks sector retreated 0.87% as Emirates NBD and Dubai Islamic Bank (DIB) declined 1.25% and 0.95% respectively.
The transportation sector sank 0.3% after Aramex levelled down 1.33%.
On the flipside, the telecom sector was the only gainer with a 0.16% rise as du advanced 0.16%.
The market suffers from low liquidity as stocks’ current prices are not attractive for investors, amid expectations that the main index will decline below 3,300 points, Abdullah said.
Translated by: Julian Nabil
