By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) reversed the downtrend it maintained on Tuesday for three successive sessions, weighed down by profit-taking.
The main index fell 0.30% or 9.96 points to reach 3,322.45 points.
Traders were cautious as they await the rest of third-quarter financial announcements especially by the real estate companies, Raed Diab, Vice President of Investment Research Department in KAMCO, told Mubasher.
Investors anticipate the performance of oil prices, especially after declining below $50 per barrel, Diab noted.
The banks sector led losers after falling 0.86% as Emirates NBD and Dubai Islamic Bank (DIB) slid 1.25% and 0.95% respectively.
The consumer staples sector declined 0.62% after DXB Entertainments retreated 0.62%. The real estate sector decreased 0.21% after Emaar Properties sank 1.6%.
On the flipside, the investment sector rose 0.80% after Dubai Investments went up 1.5%.
Trading volume reached 284.01 million shares on Tuesday, compared to 303.76 million shares on Monday. Turnover stood at AED 454.05 million, compared to AED 438.66 million.
The main index rebounded from 3,300 points, but it should close above 3,340 points to be able to rise to 3,375 points, the analyst added.
The index will maintain its uptrend if it stabilises above 3,375 points, Diab said.
Translated by: Julian Nabil
