By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a negative performance on Thursday, amid selling pressures on blue chips.
The main index fell 1.05% or 36.97 points to reach 3,482.25 points.
The real estate sector led losers after declining 1.74% as Arabtec Holding and Emaar Properties retreated 1.99% and 1.54% respectively.
The investment sector slid 0.6% as DFM Company went down 0.74%. The banks sector also decreased 0.12% after Dubai Islamic Bank (DIB) sank 0.37%.
Traders tended to make profit-taking on blue chips after the long Eid al-Adha holiday, thus pushing the market down, capital market analyst Gamal Abdel Hamid told Mubasher.
The approach of global indexes like the Dow Jones Industrial Average to strong support levels negatively affected traders’ sentiment and pushed them to randomly sell their stocks, Abdel Hamid explained.
Trading volume reached 247.82 million shares on Thursday, compared to 221.92 million shares on Wednesday. Turnover stood at AED 382.89 million, compared to AED 261.2 million.
The UAE markets are likely to see fluctuations until the Federal Reserve announces its new interest rates, the analyst added.
Seven stocks only saw a positive performance including Ajman Bank, GFH Financial Group and Emirates NBD which grew 1.3%, 0.9% and 0.24% respectively.
Translated by: Julian Nabil
