By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) reversed the positive performance it maintained for eight successive sessions on Wednesday, weighed down by profit-taking on blue chips.
The general index declined 0.09% or 3.44 points to reach 3,721.62 points.
The market’s fall was expected as a result of profit-taking, in addition to inability of the main index to break its resistance at 3,750 points, Raed Diab, vice president of Investment Research Department in KAMCO, told Mubasher.
Investors are awaiting the first speech of President-elect Donald J. Trump that will have an impact on stock markets, Diab added.
The industrial sector led losers with a 6.25% decrease after National Industries Group Holding (NIND). The investment sector fell 0.9% as SHUAA Capital and DFM Company declined 6.25% and 9.7% respectively.
The banks sector fell 0.37% as Emirates NBD and Dubai Islamic Bank (DIB) slid 2.3% and 1.2% respectively.
On the flipside, the transportation sector rose 1.03% after Air Arabia grew 1.4%. The real estate sector also levelled up 1.4% as Emaar Malls Group (EMG) increased 0.13% and 1.9% respectively.
Trading volume reached 1.02 billion shares on Wednesday, compared to 1.8 billion shares on Tuesday. Turnover amounted to AED 1.01 billion, compared to AED 1.2 billion.
The market may continue to fluctuate in the coming period, with its main index likely to see further losses and reach 3,660 points, Diab said.
The main index may target 4,000 points if it breaks above 3,750 points, vice president added.
Translated by: Julian Nabil
