By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) pulled lower on Tuesday for the third session in row, weighed down by profit-taking and selling pressures on mid-caps and some blue chips, independent analyst Ali Al Shehhi told Mubasher.
The DFMGI fell 0.05% or 1.52 points to reach 3,351.68 points.
The transportation sector topped losers with a 1.6% decline, weighed by Gulf Navigation Holding and Air Arabia which levelled down 2.9% and 1.6%, respectively.
Turnover reached AED 380.6 million ($103.62 million) on Wednesday, compared to AED 685.7 million ($186.68 million) on Tuesday.
Trading volume stood at 279.84 million shares, compared to 634.29 million shares.
Dubai Islamic Bank (DIB) fell 0.2% and became the value leader with a turnover of AED 33.16 million.
The DFMGI did not manage to break above 3,420 early this week, thus leading to a decline in liquidity and investors' anticipation of new catalysts, Al Shehhi added.
The banks sector slid 0.05% as Ajman Bank went down 2.3%.
The telecom sector retreated 0.78% hit by du which declined 0.78%.
On the flipside, the investments sectors topped gainers after rising 0.7%.
The real estate sector also increased 0.06% as Drake and Scull International and Arabtec Holding advanced 1.3% and 1.2% in a row.
The market is likely to continue seeing profit-taking on Thursday as the main gauge neared 3,170-3,200 points, Al Shehhi noted.
