By: Mahmoud Gamal
Dubai-Mubasher: The Dubai Financial Market (DFM) reversed its early gains on Wednesday, amid selling pressures on consumer staples and real estate stocks.
The main index slid 0.26% or 9.10 points to reach 3,446.08 points.
The industrial sector led losers after falling 10%, weighed down by National Cement Company which closed lower.
The consumer staples sector decreased 1.8% after Dubai Parks and Resorts retreated 1.83%. The real estate sector also slid 0.73% as Emaar Properties and Damac Properties levelled down 1.28% and 0.43% respectively.
The market was pressured down by profit-taking in blue-chip and defensive stocks, in addition to volatile global markets, according to capital market analyst Fawzi Abdulla.
Despite the market’s slight decline, some portfolio investors tended to build new positions in stocks which reached attractive price levels, Abdulla explained.
On the flipside, the banks sector added 0.65% as Mashreq Bank and Dubai Commercial Bank (DCB) gained 10.7% and 6.12% respectively.
Closure of the index below 3,500 points pushed the market to resume its downward trend, the analyst noted.
Trading volume stood at 215.77 million shares on Wednesday, compared to 321.29 million shares on Tuesday. Turnover amounted to AED 274.95 million, compared to AED 372 million.
The UAE stock markets are expected to continue its volatility till the Federal Reserve announces the new interest rates, Abdulla said.
Translated by: Julian Nabil
