By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) closed Sunday, the first trading session of the week, at a slight decline, pressured by profit-taking on its blue chips, particularly Arabtec Holding and Dubai Islamic Bank (DIB), according to an analyst.
The DFMGI slipped 0.05% or 1.78 points to 3,414.93 points.
The banks sector led losers, shedding 0.8% after DIB dropped 1.19%, while the consumer staples sector declined 0.8% after DXB fell 0.93%.
Arabtec led the DFM’s fallers, sliding 4.6%, while Emaar Malls shed 0.4%.
Portfolios sold stocks on Sunday, reducing their stock positions in leading shares particularly in banks and real estate, commented market analyst Gamal Saad.
The evident selling was due to the persistent state of caution as portfolios await new catalysts and look to the continued disclosures of companies’ first-quarter financial results, he told Mubasher.
From a technical perspective, nearing the important support level of 3,400 points was among the reasons for Sunday’s decline, the analyst said.
The DFM is expected to extend its decline on Monday, Saad told Mubasher, and advised minority investors to avoid increasing their stock positions at this time or until the DFMGI passes 3,490 points once more.
Translated by: Nada Adel Sobhi
