Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index shed 0.21% or 7.35 points on Thursday to close at 3,460.21 points.
The DFM saw selling pressure at the end of the week resulted from profit-taking carried out by investors, following the correction began on 9 November, technical analyst Bayan Nabil told Mubasher.
Dubai Insurance topped the DFM’s losers, levelling down 9.5% to AED 3.35, while Ajman Bank dropped 1.8% to AED 1.1, after reducing its stake in Drake and Scull International (DSI).
Arabtec Holding lost 1.5% to AED 2.54, while DAMAC Properties fell 0.83% to AED 3.6, and Emaar Properties went down 0.25% to AED 7.86.
There were only 13 gainers on the DFM in Thursday’s session, headed by GFH Group, which jumped 4.43%.
This week, the market’s trading volume rose gradually, while the DFMGI grew steadily to 3,503-point resistance, where it was followed by profit-taking, Nabil continued.
As we observe the trading over the week, investors tend to postpone profit-taking until the end of the week, waiting for the results of the global indexes and the weekly closings, he added.
Being under the 3,600-point and 3,550-point levels, the general index may drop to Wednesday’s and Thursday’s levels in the next session, the analyst concluded.
