By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) closed in the red on Tuesday weighed by selling of some leading shares.
The main index retreated by 0.23% or 8.37 points to 3561.05.
The investment sector led losers, shedding 0.7%, after Dubai Investments lost 1.3%, while the banks sector tumbled 0.33% dragged down by Emirates NBD’s 1.5% decline.
The real estate sector edged down 0.2%, on the back of Emaar Properties and Arabtec, which fell 0.47% and 0.35%, respectively.
The market saw some recovery after sharp decreases in the last four sessions in which selling pressure in the telecommunications, banks, and investment sectors weighed on the market, said vice president of Investment Research at KAMCO Raed Diab.
It is not odd to witness stock accumulation as some shares have reached attractive levels in light of the approaching third quarter results, Diab added.
Technically, the main index is currently moving between 3,555 and 3,600 points, the analyst told Mubasher, noting that the index needs to break one of these levels to forecast the current trend.
If the index falls below 3,555 points, it will most likely reach 3,515 points then decline to 3,465 points, Diab explained.
He added that the index’s constant closure above 3,600 points could lessen the risk of decline and help in the gradual rise to 3,680 points.
The DFM’s trading volume reached 131.22 million shares, generating AED 193.94 million through 2,488 transactions.
Translated by: Mohamed AbdulWakeel
