By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) reversed on Sunday the bullish performance it witnessed for three successive sessions, dragged by the profit-taking on most leading stocks.
The DFMGI lost 0.72% or 25.42 points to reach 3,251.54 points.
The market’s downtrend was triggered by profit-taking on leading stocks which witnessed positive trading recently, capital market analyst Doaa Magdy said.
Trading volume reached 306.61 million shares, down from 553.73 million shares last Thursday.
Liquidity stood at AED 395.67 million, compared to AED 943.89 million a session earlier.
Today's session saw cautious trading and thin liquidity on investors’ anticipations of the outcome of the Doha meeting, the analyst added.
The consumer staples sector fell 2.7% as Dubai Parks and Resorts levelled down 2.8%.
The real estate sector decreased 1.24% due to a decline in Drake and Scull International by 3%.
Emaar Properties was the value leader after generating AED 79.12 million, representing 20% of the market’s liquidity.
The banks sector levelled down 0.2% as Dubai Islamic Bank slid 1.13%.
The investment sector also went down 0.04% after DFM Company lost 1.9%.
The performance of UAE and Gulf markets will be dependent on the outcome of Doha meeting, Magdy noted, adding that the closure of DFMGI above 3,500 points is a positive signal.
Translated by: Julian Nabil
