Dubai – Mubasher: The Dubai Financial Market (DFM) was dragged lower, at the closing of Tuesday’s session, by profit taking activity on leading stocks, as well the declining oil prices.
The main index lost 1.3% or 45.7 points to close at 3,469.50 points.
“The market witnessed again profit taking activity through today’s trading after the oil prices neared $40 per barrel,” said Gamal Samy, technical analyst.
“The market is likely to move lower as long as it swings between the levels of 3,650 and 3,484 points, in addition to the forthcoming announcement of the company’s financial results,” added Samy.
The real estate sector has topped today’s declines as the stocks of Emaar Malls Group, Arabtec Holding and Emaar Properties went down by 4.08%, 2.01% and 1.58% respectively.
Moreover, the investment sector moved lower by 1.4% as DFM stock eased 3%, while the banking sector lost 1.3% on the losses of Emirates NBD and Dubai Islamic bank by 3% and 0.93% respectively.
The market witnessed 111.94 million shares changed hands worth AED 250.56 million.
“The market currently suffers from lackluster trading values amid the summer vacation and the investors’ hopes to build positions at much cheaper prices,” noted Samy.
If the benchmark failed in moving again above the level of 3,485 points through the upcoming sessions , then it will most likely move lower towards the level of 3,450 points, added the analyst.
