By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) reversed the upward trend it witnessed for four successive sessions on Wednesday, pressured by profit-taking on some selective stocks, in line with earlier expectations, analysts told Mubasher.
The DFMGI declined 0.2% or 6.5 points to reach 3,379.72 points.
Turnover amounted to AED 490.42 million ($133.5 million) on Wednesday, compared to AED 806.52 million ($219.519 million) on Tuesday.
Trading volume reached 360.74 million shares as compared to 661.37 million shares.
DFM’s downtrend resulted from lower oil prices amid fears of oversupply, in addition to weaker global markets, UAE markets analyst Hassan Al Hosni said.
The services sector decreased 1.66% as Amanat Holding slid 1.8%.
The telecom sector also retreated 0.8% after du levelled down 0.8%.
The banks sector lost 0.23% due to a 0.3% decline in Dubai Islamic Bank (DIB).
The real estate sector went down 0.21% after Emaar Malls Group and Emaar Properties slumped 0.36% and 0.17% in a row.
On the flipside, Arabtec Holding rose 1.2%, becoming the value leader with a turnover of AED 141.3 million after 83.48 million shares were traded through 1,027 transactions.
Most of Dubai’s stocks slightly declined and did not break their support levels, Al Hosni noted.
The market is technically positive as it closed above 3,375 points, pushing the DFMGI to target 3,405 points, the analyst said.
