By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a negative performance on Tuesday, amid profit-taking on stocks.
The main index fell 0.07% or 2.45 points to reach 3,405.61 points.
The market saw fluctuations before it closed in green, pressured down by the fall Saudi Stock Exchange (Tadawul) as a result of austerity measures which may negatively affect on some of UAE firms which have business in the Kingdom, according to Raed Diab, Vice President of Investment Research Department in KAMCO.
Investors are cautiously awaiting the financials for the third quarter of 2016, the analyst added.
The main index broke below its strong support level at 3,430 points on Monday and it tested 3,380 points during the session, Diab noted, adding that a break below such levels may lead the main index to fall to 3,300 points.
The telecom sector topped losers after falling 1.4% as du slid 1.4%.
The transportation sector also sank 0.7% after Gulf Navigation Holding went down 1.8%. The banks sector tumbled 0.2% as Emirates NBD declined 0.6%.
On the flipside, the real estate sector grew 0.4% after Emaar Properties advanced 1.01%. The investment sector also gained 0.11% as Dubai Investments grew 0.5%.
Turnover stood at AED 265.77 million generated from the exchange of 162.16 million shares through 2,841 transactions.
Translated by: Julian Nabil
