By: Mahmoud Gamal
Dubai-Mubasher: The Dubai Financial Market (DFM) widened its losses on Wednesday amid the rise of positions in blue chips.
The general index levelled down 0.85% or 29.93 points to reach 3,509.9 points.
Traders are still cautious in anticipation of the heavyweight companies’ quarterly results and the US Federal Reserve's policy decision, according to market analyst Gamal Samy.
The telecom sector led losers after falling 1.9% as du retreated 1.9%. In addition, the banks sector slid 1.36% due to a decline in Emirates NBD and Dubai Islamic Bank (DIB) by 1.7% and 0.9% respectively.
The investment sector tumbled 0.5% as DFM Company went down 0.75%. Likewise, the real estate sector slipped 0.36% after Arabtec Holding and Emaar Properties lost 0.67% and 0.29% respectively.
Turnover reached AED 267.92 million on Wednesday, compared AED 292.3 million on Tuesday. Trading volume stood at 128.57 million shares, compared to 156.87 million shares.
The market’s liquidity is still weak due to pressuring factors like quarterly results, the analyst noted.
The main index is likely to continue its sideways performance between 3,484 and 3,580 points till the period of financial disclosures ends, Samy explained.
Translated by: Julian Nabil
