By: Mahmoud Gamal
Dubai-Mubasher: The Dubai Financial Market (DFM) reversed the positive performance it maintained for two successive sessions on Thursday, amid profit-taking on blue chips.
The main index lost 0.26% or 9.04 points to reach 3,526.16 points.
Some heavyweight stocks saw profit-taking after witnessing successive rises, yet the growth of Dar Al Takaful trimmed the market’s losses, according to Raed Diab, Vice President of Investment Research Department in KAMCO.
The consumer staples sector led losers after falling 1.2%, weighed down by Dubai Parks and Resorts which retreated 1.23%.
The banks sector slid 0.57% as Ajman Bank and Dubai Islamic Bank (DIB) levelled down 1.8% and 0.9% respectively. Likewise, the investment sector decreased 0.27% after Dubai Investments tumbled 0.4%.
The real estate sector slipped 0.04% as Arabtec Holding levelled down 1.9%. However, Emaar Properties gained 0.7% to AED 6.9.
Commenting on Emaar’s performance, Diab expected the stock to see strong resistance at AED 7.
Arabtec’s stock is losing its upward momentum after seeing resistance at AED 1.590, Diab noted.
On the flipside, the transportation sector rose 0.65% as Aramex and Gulf Navigation Holding advanced 3.3% and 1.9% respectively.
Turnover reached AED 414.75 million on Tuesday, compared to AED 579.43 million on Monday. Trading volume stood at 282.04 million shares, compared to 440.25 million shares.
Translated by: Julian Nabil
