By: Mahmoud Gamal
Dubai – Mubasher: The benchmark index of Dubai Financial Market (DFM) ended Monday in the red zone after falling by 0.64% or 22.9 points to close at 3,531.79 points.
The market saw profit taking activity which followed the good performance of the main index in the short past time, technical capital market analyst Jamal Abdulhamid said.
DFM’s main index saw selling pressures on both the banks and real estate sectors, dragged to a level between 3,570 and 3,527 points, the analyst added.
The financial services segment led the decliners with 2%, in line with the 2.82% fall of Amanat. The transportation sector also lost 1.2% as Air Arabia retreated by 1.5%.
Emirates NBD and Dubai Islamic Bank dropped 1.07% and 0.72% respectively to push the banks sector down by 0.69%.
DFM’s insurance segment was the only gainer with a rise of 0.91%, on the back of Takaful Al Emarat which rose by 6.6%.
Liquidity increased to AED 303.7 million, as trading volume grew to 228.1 million shares.
DFM is expected to see positive rebound in the coming sessions amid lower liquidity, which reflected how investors are keen to preserve their positions, the analyst said.
The projected positive rebound may help the benchmark index break above 3570, 3582, and 3600 points respectively, Abdulhamid added.
Translated by: Ingy ElSafy
