By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) ended Sunday, the first trading session in May, at a decline on the back of losses incurred by several leading stocks amid limited trading and anticipation of companies’ first quarter financials.
The DFMGI fell 1.28% or 44.65 points to close at 3,447.26 points. Turnover retreated to AED 336.63 million on Sunday against AED 481.8 million in the previous session. Similarly, traded volume was down to 258.66 million shares from 304.12 million on Thursday.
The DFMGI has entered a level that is relatively saturated in terms of buying, market analyst Mohamed Al-Kaaby told Mubasher, adding that there is ongoing fluctuation in neighbouring Gulf markets as many companies have not announced their financial results.
Technically, the DFM will see negative performance, and is likely to see a correction on the short-term, the analyst added in a comment.
The real estate sector led the DFM’s decliners, sliding 1.8% after Arabtec and Emaar Properties dropped 3% and 2.4%, respectively.
The banking sector retreated 1.5% as Amlak, GFH Group, Emirates NBD and Dubai Islamic Bank (DIB) were down between 0.8% and 2.6%.
The analyst advised traders not to increase their stock positions or liquidate any of their portfolios at this point until the correction is over, which he expects will happen when the index reaches the level of 3,420 points.
Translated by: Nada Adel Sobhi
