By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a negative performance on Sunday, pressured by profit-taking on blue chips as investors are concerned with French elections and oil prices.
The general index declined 1.04% or 35.68 points to reach 3,384.05 points, its lowest level in five months.
The DFM saw a mixed performance in Sunday’s trading session, affected by significant profit-taking on real estate and banks stocks, capital market analyst Mohamed Al Azmi told Mubasher.
The investment sector led losers with a 2% decline as Dubai Investments slid 1.86%.
The transportation sector retreated 1.63% after Gulf Navigation Holding sank 3.5%.
The real estate sector slid 0.9% as Drake & Scull International (DSI) and Arabtec Holding levelled down 9.93% and 9.04%, respectively.
Some portfolio investors tended to decrease their positions in blue chips, amid anxiety over the financial positions of some companies which incurred losses, Al Azmi added.
Trading volume reached 292.72 million shares on Sunday, compared to 307.83 million shares last Thursday. Turnover amounted to AED 264.1 million, compared to AED 443.12 million.
Traders should focus on some operational stocks with attractive price levels, Al Azmi noted.
Translated by: Julian Nabil
