By: Mahmoud Gamal
Dubai-Mubasher: The Dubai Financial Market (DFM) widened its early losses at close on Wednesday, weighed down by profit-taking on blue chips.
The DFMGI went down 0.40% or 13.96 points to reach 3,452.60 points.
The transportation sector slid 1.27% as Air Arabia fell 1.45%. The investment sector also sank 0.99% due to a decline in Dubai Investments by 1.44%.
The real estate sector lost 0.44% as Emaar Properties decreased 0.9%, while the banks sector levelled down 0.24% after Dubai Islamic Bank (DIB) and Emirates NBD tumbled 0.93% and 0.73% respectively.
The market was weighed down by the tendency of some portfolio investors to decrease their positions in some blue chips especially in the banks and real estate sectors, in addition to worries over the upcoming OPEC meeting and third-quarter financials, according to capital market analyst Gamal Abdel Hamid.
Trading volume reached 220.3 million shares on Wednesday, compared to 381.16 million shares on Tuesday. Turnover stood at AED 297 million, compared to AED 430.09 million.
The market is likely to continue its decline, Abdel Hamid said, adding that traders should not increase their positions until the main index breaks above 3,550 points.
Translated by: Julian Nabil
