By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) reversed its early positive performance on Sunday, amid profit-taking on some stocks.
The main index declined 0.25% or 8.13 points to reach 3,301.66 points.
The consumer staples sector led losers after falling 1.9% as DXB Entertainments slid 1.9%.
The transportation sector tumbled 0.9% as Aramex decreased 1.7%.
The banks sector also slid 0.3% after Emirates NBD retreated 0.8%. Likewise, the real estate sector tumbled 0.04% due to a decline in Arabtec Holding by 0.8%.
The market was mainly pressured by profit-taking on blue chips and defensive stocks, capital market analyst Abdullah Al-Al told Mubasher.
News of merger between listed Abu Dhabi-listed banks was the main reason that helped the market see gains in the past session and restore liquidity. However, the bourse was negatively affected by banks’ statements that denied such news, the analyst added.
On another note, some portfolio investors tended to build new positions in attractive stocks, Al-Ali noted
On the flipside, the investment sector rose 1.17% as SHUAA Capital added 7.48%.
Trading volume reached 964.69 million shares on Sunday, compared to 1.017 billion shares last Thursday. Turnover stood at AED 1.076 billion, compared to AED 1.28 billion.
Closure of the index above 3,300 points is a positive signal that may lead the market to stabilise and attract new liquidity, Al-Ali explained.
The UAE markets are likely to continue their volatile performance, amid positive expectations that global markets will rise.
Translated by: Julian Nabil
