By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) erased its early losses on Monday, backed by quick profit-taking on some blue chips.
The main index fell 0.93% or 30.10 points to close at 3,202.84 points.
The market was weighed down by the tendency of some portfolio investors to decrease their positions in blue chips as they await more third-quarter financial annoucements, in addition to the possibility that the indexes may complete their correction movement, according to market analyst Mohamed Al-Azmi.
The main index approaches important support level at 3,200 points, the analyst added.
The real estate sector led losers after falling 1.6% as Arabtec Holding and Emaar Properties slid 2.3% and 1.54% respectively.
The banks sector retreated 0.4% after GFH Holding Group and Dubai Islamic Bank (DIB) went down 4.8% and 0.6% respectively.
The investment sector levelled down 0.3% as DFM Company slid 1.8%.
On the flipside, the transportation sector was the only gainer after adding 1.41% as Air Arabia increased 2.4%.
Turnover stood at AED 721.53 million on Monday, compared to AED 846.87 million. Trading volume reached 547.16 million shares, compared to 670.17 million shares.
The DFMGI is expected to maintain its sideways performance on Tuesday, Al-Azmi noted, adding that traders should not increase their position until the index breaks above 3,250 points.
Translated by: Julian Nabil
