Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index shed 0.65% or 22.63 points to close at 3,478.7 points on Tuesday, recording its fourth successive decline, on the back of blue chips, topped by Emaar Properties.
The DFM saw a profit-taking trend on Tuesday, while Emaar Properties’ shareholders entered the ex-dividend period, said vice president of Investment Research at KAMCO Raed Diab.
The supply of properties has surpassed demand, which stoked some concerns among investors in the market, Diab added.
The real estate sector tumbled 2.08% after Emaar Properties dropped 5.7% to AED 6.83 in the first day of trading in the ex-dividend period.
Emaar Development lost 0.7% to AED 5.67, while DAMAC Properties sank 0.3% to AED 3.38.
Meanwhile, Arabtec Holding and Drake and Scull International (DSI) surged 3.4% to AED 2.69 and 2.8% to AED 2.2, respectively.
The transportation sector inched down 0.05% after Aramex levelled down 0.9% to AED 4.35.
On the other hand, the insurance sector topped the DFM’s gainers, growing 1.3%, as Takaful and Dar Al Takaful soared 3.6% to AED 2 and 3.4% to AED 0.948, respectively.
Technically, the DFMGI may rise again after reaching 3,450 points, but it has to break above 3,542-point ceiling and then levels up to 3,600 points, Diab continued, adding that the index would drop to 3,410 points if it had hit 3,450-point level.
The DFM’s trading volume soared 144% to 393.15 million shares from 161.045 million on Monday, while the market’s liquidity surged 45.5% to AED 542.5 million, compared to AED 372.76 million in the previous session.
Translated by: Muhammad Khalid
