By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index shed 0.46% or 15.81 points to 3,428.75 points on Tuesday, recording its third successive decline on the back of cautious trading and the drop of blue chips.
The DFMGI went down as a result of some investors’ reduction of their positions in blue chip, technical analyst Gamal Abdul Hamid told Mubasher.
Dubai Investment topped the market’s losers, dropping 1.95% to AED 2.52, while the DFM Company sank 1.8% to AED 1.09, and Arabtec Holding levelled down 1.23% to AED 2.41.
We may witness some buying transactions in the coming sessions, following an ordinary correction, but it is too early to lower our guards, Abdul Hamid continued.
Technically, the DFMGI broke below 3,444 points, and it is expected to decline to 3,418 points and then to 3,400 points if investors maintain their reluctant trading, the analyst added.
The general index can rise and drive it to 3,444 points, if investors return to buy some leading stocks, including Emaar Properties’ and Dubai Islamic Bank’s (DIB), Abdul Hamid concluded.
The DFM’s trading volume reached 185.58 million shares, generating AED 377.02 million through 2,941 transactions.
Translated by: Muhammad Khalid
