By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) extended its losses on Tuesday amid strong selling of leading stocks and profit-taking on medium shares.
The DFMGI lost 1.81% or 61.31 points and closed 3,324 points. Turnover increased to AED 528.66 million from AED 451.73 million on Monday, while traded volume rose to 435.13 million shares from 297.9 million in the previous session.
Reduction of stock positions along with portfolios selling stocks, expectations for further declines and jittery performance in global markets contributed to Tuesday’s losses, commented capital market analyst Khalifa Al-Kaaby.
He told Mubasher that among the technical reasons for today’s decline was that some stocks broke support levels, prompting investor concerns.
The investment sector led losers, falling 5.16% as DFM Company plunged 8.4%, while Dubai Investments retreated 4.4%.
The real estate sector was down 2.54% after Deyaar, Arabtec and Emaar Properties lost 4.9%, 4.6% and 2.3%, respectively.
Arabtec’s falling below AED 1.52 means there is room for further decline towards AED 1.37, which is a good level to invest in the stock, the analyst told Mubasher.
The DFM is expected to continue its downward performance towards 3,300 points on Wednesday, Al-Kaaby concluded.
Translated by: Nada Adel Sobhi
