By: Mahmoud Gamal
Dubai-Mubasher: The Dubai Financial Market (DFM) closed at a marginal decline on Tuesday, pressured down by the real estate stocks especially Drake and Scull International (DSI) and Emaar Properties.
The DFMGI retreated 0.06%, or 1.84 points, to reach 3,283.92 points.
The market did not manage to be resilient to selling pressures in the aftermath of the Brexit vote, according to Raed Diab, Vice President of Investment Research Department in KAMCO.
The transportation sector led decliners after losing 0.9% as Aramex and Air Arabia closed lower.
The banks sector retreated 0.2%, dragged down by the fall of Mashreq Bank.
Trading volume reached 276.36 million shares on Tuesday, compared to 317.06 million shares on Monday. Turnover stood at AED 315.62 million, compared to AED 369.32 million.
The market is likely to stabilise in the coming sessions due to fading fears over the impact of volatile exchange rates on the tourism and real estate sectors, Diab noted.
The DFM index should break above its resistance at 3,380 points to be able to target 3,600 points, the analyst added
If the main index falls below its support at 3,200 points, it will decline further to 3,100 and 3,000 points respectively, Diab concluded.
Translated by: Julian Nabil
