By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) continued its negative performance on Wednesday, weighed down by profit-taking on blue chips.
The general index sank 0.51% or 17.57 points to reach 3,419.06 points.
The telecom sector led losers with a 2% decline as du sank 2%. The investment sector retreated 1.92% after Dubai Investments fell 1.84%.
The real estate sector levelled down 0.58% due to a decline in Arabtec Holding and Emaar Properties by 2.4% and 0.4%, respectively. The banks sector also decreased 0.08% as GFH Financial Group and Dubai Islamic Bank (DIB) retreated 8.94% and 0.17%, respectively.
The market’s losses were mainly driven by the tendency of some portfolio investors to decrease their positions in banks and real estate stocks, in line with anxiety over the remaining first-quarter financials, technical analyst Gamal Saad told Mubasher.
The DFM is expected to decline in the coming sessions, he said, adding that traders should not increase their purchases unless the main index breaks above 3,450 points.
The market saw trading of 221.97 million shares through 3,912 transactions, with a turnover of AED 368.71 million.
Translated by: Julian Nabil
