By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) reversed the uptrend it maintained for three successive sessions on Tuesday, weighed down by profit-taking on blue chips.
The main index declined 0.87% or 31.88 points to reach 3,625.23 points.
The UAE stocks were affected by investors’ anxiety over Federal Reserve two-day meeting on interest rates, Raed Diab, Vice President of Investment Research Department in KAMCO, told Mubasher.
The telecom sector topped losers after falling 2.77% as du retreated 2.77%.
The real estate sector declined 0.89% after Union Properties (UP), Arabtec Holding and Emaar Properties levelled down 1.7%, 1.4% and 1.28% respectively.
The investment sector declined 0.6% as DFM Company and Dubai Investments sank 2.9% and 0.4% respectively. The banks sector also went down 0.23% after Dubai Islamic Bank (DIB) lost 0.5%.
On the flipside, the transportation sector rose 0.2% after Air Arabia increased 1.5%.
The market saw trading of 1.08 billion shares through 8,700 transactions, with a turnover of AED 1.43 billion.
The main index is expected to rise to its resistance level near 3,750 points, the analyst added.
If Dubai’s main index, the DFMGI, closes above 3,750 points, it will gradually go up to 4,000 points, Diab said.
Translated by: Julian Nabil
