By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) ended Wednesday in the red, with investors leaning towards profit-taking on leading stocks, according to an analyst.
The DFMGI lost 1.08% or 37.6 points closing at 3431.9 points.
Investors are cautious as they await the financial results for the remaining leading companies. financial analyst Gamal Abdelhamid told Mubasher.
He added that the instability in oil prices and global markets were also behind today’s decline.
The real estate sector fell the most today by 1.55%, with Emaar leading the decliners with 2.63%, followed by Arabtec with 1.37%.
Similarly, the investment sector shed 0.99%, with DFM and Dubai Investments falling 1.5% and 0.9% respectively.
The banks sector was down 0.8%, with Dubai Islamic Bank (DIB) losing 1.3%, while transportation lost 0.65% after Gulf Navigation and Air Arabia levelled down by 1.9% and 0.7% respectively.
Liquidity is low on the DFM, indicating that minority traders are selling their stocks amid fears that oil prices will reach $40 per barrel, the analyst added.
The DFMGI’s position above the level of 3,422 points is good from a technical perspective, he noted.
Translated by: Moslem Ali
