By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a negative performance on Thursday, dragged down by profit-taking on blue chips and volatile performance of global stocks.
The main index decreased 0.77% or 25.9 points to reach 3,324.07 points.
The Dubai bourse saw a volatile performance on Thursday, backed by profit-taking on blue chips especially Arabtec Holding and Emaar Properties, according to capital market analyst Gamal Abdel Hamid.
The decline of DFGMI below previous levels may push the main index to fall further to 3,300 points in the coming sessions, the analyst noted.
The real estate sector was the worst performer with a 1.2% decline, weighed down by Arabtec and Emaar which slid 2.2% and 1.5% respectively.
The investment sector tumbled 1.05% after DFM Company went down 2.5%. Likewise, the banks sector sank 0.97% after Dubai Islamic Bank (DIB) levelled down 0.9%.
Trading volume reached 928.83 million shares on Thursday, compared to 890.81 million shares on Wednesday. Turnover stood at AED 1.19 billion, compared to AED 1.17 billion.
Traders should focus on operational stocks in line with the approach of OPEC meeting’s results next week, Abdel Hamid explained.
Translated by: Julian Nabil
