By: Mahmoud Gamal
Dubai – Mubasher: The main index of Dubai Financial Market (DFM) declined on Monday by 0.28% or 9.8 points to the level of 3,423.9 points due to profit-taking.
“Today’s fall was a result of normal profit takings that the benchmark had to run into after it broke above 3,400 points to continue moving upwards,” UAE markets analyst Ali Al Shehhi told Mubasher.
Trading volume declined to 697.8 million shares from 924.72 million shares exchanged yesterday. Turnover also decreased to AED 767.7 million from AED 1.09 billion.
Al Shehhi suggested that the market will draw support from promising quarterly reports to strengthen its liquidity.
The DFM-listed companies will start announcing their quarterly financial statements as of 15 April.
The banks sector dropped 0.4% as Dubai Islamic Bank retreated 0.8%.
The real estate sector also fell 0.4%, hit by Arabtec, Emaar Malls and Emaar which lost 1.6%, 1.04% and 0.5% respectively.
On the other hand, the services sector advanced 1.8% as Tabreed and Amanat grew 2.14% and 1.6% respectively.
The investment sector also rose 0.2%, backed by a rise of 0.8% in DFM Company.
Al Shehhi expected Tuesday’s session to see volatile performance amid profit takings on blue chips topped by Dubai Islamic Bank, Emaar and Arabtec.
Translated by: Elwy el-Manzalawy
