By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a bearish performance on Sunday, suffering its highest losses since 5 October.
The main index retreated 1.26% or 41.12 points to reach 3,232.94 points, its lowest level in five months.
Lower oil prices led the main index to continue its downtrend, capital market analyst Gamal Abdel Hamid said.
The market’s losses were mainly attributed to investors’ tendency to make profit-taking on blue chips, the analyst added.
The investment sector led losers after falling 3.52% as SHUAA Capital and Dubai Investments declined 8.5%
The consumer staples sector slid 2.54% as DXB Entertainments tumbled 2.6%.
The real estate sector levelled down 2% as Emaar Properties decreased 3%. Likewise, the banks sector fell 0.83% after Dubai Islamic Bank (DIB) lost 0.78%.
Turnover reached AED 846.87 million on Sunday, compared to AED 1.3 billion last Thursday, Trading volume stood at 670.17 million shares, compared to 1.05 billion shares.
The market is likely to see a speculative rebound in the coming sessions amid portfolio investors’ desire to build new positions in the small and mid caps, Abdel Hamid noted, adding that the main index is expected to rise to 3,250 points.
Translated by: Julian Nabil
