By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) trimmed its losses on Wednesday amid exchange of positions between selective stocks, in addition to profit-taking.
The DFMGI declined 0.49% or 16.4 points to 3,307.61 points.
The market’s downtrend was mainly attributed to profit-taking on blue chips, as well as the fall of most global markets, capital market analyst Gamal Abdel Hamid told Mubasher.
DFM was technically pressured by closure of the general index below its support level, Abdel Hamid added.
The transportation sector went down 2.5% as Aramex lost 5.23%.
The real estate sector slid 0.7% after Emaar Malls Group and Emaar Properties levelled down 2.14% and 1.26% in a row.
The investment sector retreated 0.7% due to a decrease in Dubai Investments by 1.02%.
Drake and Scull International (DSI) grew 4.1%, while Arabtec Holding and Dubai Islamic Bank (DIB) rose 4.1% and 0.18% in a row.
Turnover stood at AED 478.33 million on Wednesday, compared to AED 528.66 million on Tuesday.
Trading volume reached 355.12 million shares, compared to 435.13 million shares.
Dubai market is expected to rise and target 3.330 points, the analyst noted.
Abdel Hamid advised traders to be cautious and not to increase their positions.
