By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) resumed its negative performance on Thursday, dragged down by profit-taking on blue chips.
The general index fell 0.50% or 17.04 points to reach 3,378.02 points.
The DFM was prone to profit-taking, which was a normal matter especially after the fluctuations seen in the recent period, capital market analyst Mahmoud Diab told Mubasher.
The stocks were weighed down by the lack of catalysts and end of below-than-expected financial disclosures for the first quarter of 2017, Diab added.
The consumer staples sector led losers with a 3.9% decline as DXB Entertainments retreated 4.3%. The real estate sector also sank 0.77% due to a decrease in Drake and Scull International (DSI) and Arabtec Holding by 2.7% and 1.38%, respectively.
The transportation sector sank 0.74%, followed by Aramex and Air Arabia at 1.17% and 0.9%, respectively.
On the other hand, the banks sector was the best performer with a 0.49% rise as Dubai Islamic Bank (DIB) gained 0.5%.
Turnover amounted to AED 195.3 million after trading 236.49 million shares through 2,760 transactions.
The DFMGI sees resistance near the level of 3,450 points, the analyst said.
Breaking above 3,370 points may push the main index to gradually rise to 3,400 points, Diab concluded.
Translated by: Julian Nabil
