By: Mahmoud Gamal
Dubai-Mubasher: The Dubai Financial Market (DFM) erased its early gains on Wednesday, weighed down by quick profit-taking on blue chips.
The general index levelled down 0.38% or 12.54 points to reach 3,271.38 points.
The banks sector led losers after falling 0.89% due to a decline in Mashreq Bank and Emirates NBD.
The investment sector retreated 0.1% as Dubai Investments and SHUAA Capital closed lower.
Portfolio investors’ tendency to decrease positions in blue chips contributed to the market’s losses, although global oil and stock markets closed higher, according to capital market analyst Gamal Abdel Hamid.
The market is moving sideways between 3,303 and 3,281 points, Abdel Hamid noted.
On the flipside, the transportation sector added 0.49%, backed by the rise of Air Arabia. Likewise, the real estate sector advanced 0.19% as Arabtec Holding, Emaar Malls Group and Drake and Scull International (DSI) grew at close.
Trading volume stood at 246.24 million shares on Wednesday, compared to 246.36 million shares on Tuesday. Turnover reached KWD 355.19 million, compared to KWD 315.62 million.
The market is likely to continue its decline on Thursday, he said, adding that investors should increase their positions until the main index breaks above 3,386 points.
Translated by: Julian Nabil
