By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a negative performance on Wednesday, weighed down by the fall of the banks, transportation, and investment sectors.
The general index fell 0.27% or 9.66 points to reach 3,620.68 points.
The market saw a volatile performance amid the rise of some small-cap stocks and the fall of other blue chips, reflecting investors’ hesitation, Raed Diab, vice president of the investment research department at KAMCO, told Mubasher.
The DFM still awaits the appearance of some catalysts like the US Federal Reserve’s decision on interest rates, Diab said, adding that some stocks like Arabtec Holding are facing financial problems.
The banks sector sank 1.35% as Emirates NBD and Dubai Islamic Bank (DIB) tumbled 2.2% and 1.4%, respectively.
The transportation sector slid 0.77% after Aramex and Air Arabia went down 0.8% each. The investment sector also decreased 0.46% as DFM Company retreated 3.4%.
On the flipside, the real estate sector led gainers with a 0.85% rise after Emaar Properties went up 1.74%.
Trading volume reached 245.72 million shares on Wednesday, compared to 469.67 million shares on Tuesday. Turnover amounted to AED 518.5 million, compared to AED 748.33 million.
The main index sees support at 3,550 points, Diab added.
Translated by: Julian Nabil
