By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) saw a negative performance on Sunday after three sessions of gains, amid profit-taking.
The general index lost 1.6% or 52.3 points to reach 3,303.23 points.
The markets’ negative performance was expected on a technical level after profit-taking seen on Sunday, UAE markets analyst Mohamed Bassiouny told Mubasher.
The UAE markets did not manage to break important resistance levels amid growing worries about lower oil prices, according to Ali Al-Anzi, financial analyst at CapCorp Investment Company.
Trading volume reached 370.75 million shares on Sunday, compared to 441.7 million shares traded last Thursday.
Liquidity is still low, yet it is expected to recover strongly in mid-April with the first-quarter reporting period, Bassiouny noted.
The consumer staples sector retreated 2.2% as Dubai Parks and Resorts levelled down 2.3%.
The banks sector slid 1.8% after Emirates NBD and Dubai Islamic Bank (DIB) decreased 2.9% and 1.3%, respectively.
The real estate sector went down 1.7%, forced by Emaar Properties and Arabtec Holding which declined 2.2% and 1.8% in a row.
The telecom sector lost 0.8% due to a by 0.8% decrease in du.
Drake and Scull International was the value leader after generating AED 99.28 million, and trading 128.8 million shares through 735 transactions.
The DFMGI did not manage to stay above its support of 3,340 points, thus it will be more prone to see fluctuations throughout the rest of this week, Bassiouny said.
