By: Mahmoud Gamal
Dubai - Mubasher: The Dubai Financial Market (DFM) witnessed losses on Tuesday, erasing its early gains due to profit-taking on real estate stocks.
The DFMGI fell 0.42% or 15.26 points to reach 3,587.21 points.
The consumer staples sector led losers, declining 2.8% as Dubai Parks and Resorts slid 2.8%.
The real estate sector retreated 1.11% after Emaar Properties, Emaar Malls Group and Arabtec Holding went down 2.4%, 1.34% and 1.3% respectively. Likewise, the transportation sector slid 0.9% as Air Arabia decreased 1.41%.
On the flipside, the investment sector was the best performer, rising 1.02% as DFM Company advanced 5.11%. Similarly, the banks sector went up 0.32% as Dubai Islamic Bank (DIB) increased 1.08%.
Turnover reached AED 563.12 million on Tuesday, compared to AED 763.18 million on Monday. Trading volume stood at 352.59 million shares, compared to 502.23 million shares.
Some portfolio investors tended to decrease their positions in the real estate stocks and some defensive ones, following the announcement that Emaar denied reports it was building a tourism and commercial project in Turkey, according to UAE market analyst Mohammed Al Hosni.
Dubai’s bourse is expected to continue its fall on Wednesday, Al Hosni said, adding that small investors should not increase their positions until the DFMGI breaks the level of 3,620 points. They should also await the US Federal Reserve's decision on interest rates.
Translated by: Julian Nabil
