By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) closed Tuesday in the red, pressured by profit-taking and by blue chips, particularly Emaar Properties.
The DFMGI shed 0.4% or 14.11 points to close the session at 3,643.37 points.
Commenting on the market’s performance, Raed Diab, head of investment research at KAMCO, said that the DFM requires new positive catalysts to help it rise to new levels along with positive forecasts for companies’ financial results for the first nine months of 2017.
The analyst forecast that investors will focus on the stock collection of several stocks, whose prices have recently become attractive.
Air Arabia was among the top blue chip fallers on Tuesday, shedding 1.6% to AED 1.24, while Dubai Islamic Bank (DIB) retreated 1.5% to AED 6.04.
Dubai Investments and Emaar Properties were down 0.8% and 0.6% to AED 2.46 and AED 8.6, respectively.
Technically, the DFM has failed to exceed resistance at 3,680 points, Diab noted, indicating that the continued failure to surpass that level will likely result in further falls.
This may be considered normal after the market’s recent strong gains, he added.
The DFMGI will see support at 3,635 and 3,610 points, Diba said, noting that a close above 3,680 points will attract more purchasing power, which will boost the index towards 3,740 points.
Turnover fell to AED 525.29 million on Tuesday from AED 531.73 million on Monday, while traded volume increased to 451.21 million shares versus 416.86 million. A total of 5,222 transactions were executed on the DFM on Tuesday.
Translated by: Nada Adel Sobhi
