By: Mahmoud Gamal
Dubai-Mubasher: The Dubai Financial Market (DFM) saw a positive performance in Sunday’s early trades, weighed down by profit-taking on blue chips and lower oil prices.
The general index retreated 0.18% or 6.18 points to reach 3,524.42 points.
Profit-taking resumed in the market after oil prices approached the level of $40 per barrel, according to capital market analyst Gamal Abdel Hamid told Mubasher.
Fluctuation of the index between 3,535 and 3,555 points pushed the market lower, amid anticipation of the remaining second-quarter financials, Abdel Hamid explained.
The investment sector topped losers after falling 1.3%, weighed down by Dubai Investments and DFM Company which slid 1.4% and 0.76% respectively.
The banks sector fell 0.27% as Dubai Islamic Bank (DIB) retreated 0.4%. Likewise, the consumer staples sector slid 0.06% after Marka went down 3.36%.
On the flipside, the real estate sector topped gainers after adding 0.04%, spurred by Emaar Malls Group (EMG) and Emaar Properties which advanced 0.69% and 0.14% respectively.
The transportation sector grew 0.04% after Aramex rose 0.26%.
Despite the market’s losses, some portfolio investors increased their positions in blue-chip and defensive stocks especially Emaar, Aramex and Air Arabia, the analyst noted.
Turnover stood at AED 194.04 million on Thursday, compared to AED 344.67 million on Wednesday. Trading volume reached 122.35 million shares, compared to 229.13 million shares.
Translated by: Julian Nabil
