By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) reversed the positive performance it witnessed in Sunday’s early trades, weighed down by the decline of the investment and real estate sectors.
The general index slid 0.33% or 11.03 points to reach 3,296.69 points.
The investment sector was the top loser after falling 0.98% due to a decline in Dubai Investments.
The real estate sector retreated 0.5%, pressured by the fall of Deyaar Development, Union Properties, Arabtec Holding and Emaar Properties.
Some portfolio investors tended to decrease their positions in blue chips amid anticipation of the upcoming Brexit referendum, capital market analyst Mohammed Al Hosni said.
On the flipside, the banks sector was the only gainer after adding 0.12%, backed by Dubai Islamic Bank (DIB) which rose 0.8%.
Trading volume grew to 133.1 million shares on Sunday, compared to 119.74 million shares last Thursday. Turnover fell to AED 169.32 million, compared to AED 178.76 million.
Investors should be cautious especially when the general index starts to fall to 3,248 and 3,197 points respectively, capital market analyst Mansour Al Shamsi noted.
Translated by: Julian Nabil
