By: Mahmoud Gamal
Dubai-Mubasher: The Dubai Financial Market (DFM) reversed the positive performance it maintained for three sessions on Thursday amid profit-taking on blue chips, according to an analyst.
The DFMGI lost 0.24% or 8.23 points to reach 3,367.64 points.
The banks sector was the worst performer with a 0.77% decline, weighed down by the fall of Emirates NBD and Dubai Islamic Bank (DIB).
The investment sector decreased 0.48% as Dubai Investments levelled down 0.48%.
The blue chips’ fall is mainly attributed to investors’ pressures on the market to make the stocks reach low price levels, amid the state of caution that controls GCC markets ahead of Brexit referendum, according to Jamal Ajaj, director of Al Sharhan Shares Centre in Abu Dhabi
On the flipside, the real estate sector rose 0.27% due to an increase in Union Properties, and Drake and Scull International (DSI).
Despite the market’s fall, some stocks reached attractive price levels compared to their peers in other Gulf markets, Ajaj noted.
Trading volume stood at 152.74 million shares on Thursday, compared to 213.63 million shares on Wednesday. Turnover reached AED 201.76 million, compared to AED 307.88 million
Dubai bourse is likely to see fluctuations on Sunday, the analyst said, adding that traders should not increase their positions till the main index stabilises above 3,400 points.
Translated by: Julian Nabil
