By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) resumed its negative performance on Wednesday, erasing its early gains.
The main index fell 1.28% or 43.44 points to reach 3,362.17 points, its lowest level since 29 July.
The market was weighed down by profit-taking, as well as the decline of European and US stocks, according to capital market analyst Gamal Abdel Hamid.
The transportation sector led losers after falling 2.4% as Air Arabia and Aramex slid 3.01% and 0.78% respectively.
The investment sector lost 1.5% as Dubai Investments went down 1.95%. The real estate sector also fell 1.46% after Arabtec Holding and Emaar Properties slid 2.08% and 1% respectively.
The banks sector levelled down 0.9% as Mashreq Bank and Dubai Islamic Bank (DIB) sank 1.96% and 1.32% respectively.
Turnover reached AED 287.75 million on Wednesday, compared to AED 265.77 million on Tuesday. Trading volume also stood at 211.76 million shares, compared to 162.16 million shares.
Recent declines of the DFM pushed some stocks to reach attractive price levels compared to other Gulf stocks, the analyst added.
The main index is expected to rebound to 3,430 points on Thursday, Abdel Hamid noted.
Translated by: Julian Nabil
