By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) reversed its early positive performance on Wednesday, weighed down by profit-taking on blue chips topped by Arabtec Holding and Dubai Islamic Bank (DIB).
The general index fell 1.15% or 41.6 points to reach 3,583.62 points.
The telecom sector topped losers with a 2.38% decline, dragged down by du which slid 2.38%.
The investment sector tumbled 2.09% after Dubai Investments levelled down 2.5%.
Some portfolio investors continued to make profit-taking on leading stocks amid anxiety over the Fed meeting results, according to capital market expert Ibrahim Al-Failakawi.
The real estate sector sank 1.05% as Arabtec Holding and Emaar Properties levelled down 2.13% and 1.3% respectively.
The banks sector decreased 0.75% after Dubai Islamic Bank (DIB) and Ajman Bank slid 1.9% and 1.46% respectively.
Turnover reached AED 768.48 million on Wednesday, compared to AED 1.43 billion on Tuesday. Trading volume stood at 588.28 million shares, compared to 1.08 billion shares.
Dubai bourse is expected to decline on Thursday, Al-Failakawi said, adding that traders should not increase their positions until the index breaks above 3,600 points.
Translated by: Julian Nabil
