By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a negative performance on Wednesday, weighed down by profit-taking on blue chips led by real estate stocks.
The main index fell 1.05% or 35.72 points to reach 3,354.84 points.
The market saw fluctuations on Wednesday due to profit-taking on blue chips especially Emaar, amid anticipations of the third-quarter financials, capital market analyst Gamal Abdel Hamid said.
Decline of the main index below previous levels may push it lower to 3,350 points, the analyst noted.
The real estate sector led losers after falling 1.75% as Emaar Properties, and Drake and Scull International (DSI) went down 1.88% and 1.4% respectively.
The transportation sector retreated 1.39% due to a decline in Air Arabia by 1.5%.
The investment sector levelled down 0.97% as DFM Company fell 2.4%.
The banks sector also decreased 0.23% after Emirates NBD lost 0.6%.
The market saw trading of 197.67 million shares through 2,846 transactions, with a turnover of AED 246.63 million.
Traders should focus on operational stocks, especially amid the approach of third-quarter financial announcements next week, as well as the stability of oil prices above $50 per barrel, Abdel Hamid noted.
Translated by: Julian Nabil
