Dubai – Mubasher: The Dubai Financial Market (DFM) closed Wednesday’s volatile session in the red on Wednesday, weighed down by the fall of real estate stocks despite Emaar Properties’ positive results.
The general index fell 0.21% or 7.81 points to reach 3,645.01 points.
The bourse resumed its volatile performance on Wednesday, weighed down by the leading firms’ annual financials, Raed Diab, vice president of Investment Research Department in KAMCO, told Mubasher.
Emaar’s strong annual results helped boost investors confidence, yet it was not sufficient to push the market up, Diab added.
The consumer staples sector led losers with a 2.48% decline as DXB Entertainments sank 2.6%.
The telecom sector declined 1.6% after the decline of du.
The real estate sector declined 0.7% after Arabtec Holding, and Drake and Scull International (DSI) sank 5.6% and 2.16% respectively.
On the flipside, the transportation sector rose 0.8% as Aramex went up 2.35%. The banks sector grew 0.43% after Emirates NBD went up 1.65%.
The market saw trading of 716.27 million shares on Wednesday, compared to 662.53 million shares on Tuesday. Turnover amounted to AED 909.18 million, compared to AED 651.33 million.
The index needs to move above its resistance at 3,700-3,750 points to reduce the possibility of its decline, Diab concluded.
