By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) continued its downward trend for the fourth session in a row, weighed down by profit-taking.
The DFMGI lost 0.9% or 32.9 points to reach 3,318.73 points.
The services sector topped losers after falling 1.8% as Gulf Navigation Holding and Air Arabia retreated 1.6% each.
The market’s downtrend is attributed to profit-taking and selling activities, in addition to volatile trend of other GCC markets and lower oil prices, capital market analyst Gamal Abdel Hamid told Mubasher.
Turnover reached AED 479.7 million on Thursday, compared to AED 380.6 million on Wednesday.
Trading volume stood at 441.26 million shares, compared to 279.84 million shares.
Amlak Finance was the value leader after generating AED 97.7 million, representing 20.7% of the market’s liquidity. The stock stabilised at AED 1.65.
The real estate sector slid 1.5%, pulled down by Emaar Malls Group and Emaar Properties which fell 2.1% and 1.6% in a row.
The banks sector levelled down 0.7% after Dubai Islamic Bank (DIB) declined 0.8%.
The market was technically pressured by the negative performance of blue chips led by Emaar and DIB which went down to AED 5.99 and AED 5.67 in a row.
On the flipside, the telecom sector advanced 0.16% as du increased by 0.16%
DFM is expected to rebound above 3,333 points amid expectations of higher oil prices on Friday, Abdel Hamid noted.
