By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) closed Sunday at a decline, after the benchmark index dropped 1.2% or 40.04 points to 3,304.63 points, falling to its lowest level in 2 months or since 29 March.
Sunday’s decline is due to investors extending profit-taking following declines in most global markets as well as oil prices, market analyst Ahmed El Zahoury told Mubasher.
From a technical perspective today’s decline was because the DFMGI neared the important support level of 3,300 points and was close to breaking it, he added.
Turnover declined to AED 188.33 million compared to AED 451.73 million on Thursday, while traded volume reached 227.16 million shares compared to 297.9 million in the previous session.
The investment sector lost 2.8% after SHUAA Capital retreated 3.7% on the back of widening Q1 losses, while Dubai Investments was down 2.9%.
The real estate sector fell 1.6% after Arabtec plunged 4.6% on the back of reporting first quarter losses, followed by Drake & Scull International (DSI) and Emaar Properties, which levelled down 4.59% and 1.1%, respectively.
The banking sector slipped 0.5% as Amlak Finance, Dubai Islamic Bank (DIB) and Mashreq Bank ended on a low note.
The DFMGI has broken the level of 3,320 points and is expected to continue its decline towards 3,280 points on Monday, the analyst concluded in his commentary to Mubasher.
Translated by: Nada Adel Sobhi
