Dubai-Mubasher: The Dubai Financial Market (DFM) saw a positive performance for the second session in a row on Sunday, in line with profit-taking on some blue chips.
The DFMGI fell 0.76% or 26.83 points to reach 3,517.38 points.
The decline of some oil and global stock markets by 4% pushed traders to decrease their positions especially in the real estate stocks, thus pressuring Dubai bourse down at close, capital market analyst Fawzy Abdullah said.
Closure of the main index below 3,540 points confirmed that the market is technically continuing its correction, Abdullah added.
The real estate sector led losers after falling 1.77%, weighed down by Emaar Properties and Arabtec Holding by 2.14% and 1.98% respectively.
The investment sector also slid 1.6% as SGUAA Capital and DFM Company retreated 2.8% and 2.2% respectively. Similarly, the transportation sector declined 0.5% after Gulf Navigation and Aarmex went down 2.7% and 1.4% respectively.
On the flipside, the banks sector was the best performer with a 0.5% rise after Emirates NBD advanced 2.3%.
Turnover reached AED 238.76 million on Sunday, compared to AED 232.46 million last Thursday. Trading volume stood at 208.09 million shares, compared to 32.46 million shares.
The index is likely to continue its decline to 3,480 points, Abdullah said, adding that traders should not increase their positions until the oil market set a clear trend and leading companies announce their second-quarter financials.
