By: Mahmoud Gamal
Dubai-Mubasher: The Dubai Financial Market (DFM) saw a negative performance on Tuesday, amid profit taking in blue chips and lower oil prices.
The main index fell 0.85% or 29.6 points to reach 3,455.18 points.
The market’s losses resulted from profit-taking and declining oil prices, in addition to investors’ anticipation of third-quarter financials, according to Raed Diab, Vice President of Investment Research Department in KAMCO.
Closure of the index below 3,430 points may lead it to decline to 3,380 or 3,320 points, Diab noted.
The banks sector topped losers after falling 1.75%, weighed down by Mashreq Bank and Dubai Islamic Bank (DIB) which retreated 9.9% and 0.9% respectively.
The investment sector also slid 1.17% due to a decline in Dubai Investments by1.4%.
The real estate sector fell 0.55% as Arabtec Holding and Emaar Properties sank 1.35% and 0.14% respectively.
Decline of Arabtec below AED 1.43 may lead it to fall to AED 1.35, Diab added.
On the flipside, the transportation sector was the toper gainer after adding 0.39% due to a rise in Air Arabia by 0.73%.
Trading volume reached 211.9 million shares on Tuesday, compared to 302.36 million shares on Monday. Liquidity stood at AED 254.94 million, compared to AED 33.19 million.
Translated by: Julian Nabil
