By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) closed down on Wednesday, on the back of the consumer staples and real estate sectors.
The main index shed 0.25% or 8.8 points to reach 3,504.40 points.
The consumer staples sector was the worst performer, falling 1.8%, weighed down by Dubai Parks and Resorts by the same percentage.
The real estate sector lost 0.7%, after Arabtec Holding and Emaar Properties decreased 0.7% and 0.14%, respectively.
The transportation sector also shed 0.48%, on the back of Air Arabia, which fell 0.74%.
Technical analyst Mahmoud Abdel Hameed attributed the DFM’s decline today to profit-taking on some blue chips, added to the fall of oil prices and global market fluctuation.
Despite the slight fall, some portfolios continued to purchase stocks which had reached attractive price levels, he added.
On the other hand the banks sector rose 0.31%, backed by Emirates NBD and Mashreq Bank which levelled up 1.8% and 1.7%, respectively.
The DFMGI’s falling below the the level of 3,510 points is likely to cause a rebound downwards; however, rising to 3,520 points will lead for stability and attracting new liquidity, Abdel Hameed told Mubasher.
Traded volume retreated to 259.33 million shares from 321.29 million shares in the previous session, while traded value levelled down to AED 370.47 million compared to AED 372 million on Tuesday.
UAE markets are expected to extend their mixed performance on Wednesday, despite the eagerness of some portfolios to increase their positions in leading and medium-sized stocks, the analyst noted.
Translated by: Sara Ghali
