By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index lost 0.14%, or 4.7 points, to 3,494.63 points on Thursday on the back of profit-taking.
The DFMGI was dragged down by selling pressure on blue chips, said Technical analyst Gamal Abdul Hamid.
DXB Entertainments led the market’s losers, sinking 1.56% to AED 0.694, while the DFM Company, Emaar Properties, and Dubai Investments went down 0.87% to AED 1.14, 0.69% to AED 7.18, and 0.4% to AED 2.51, respectively.
Meanwhile, Mashreq Bank soared 9.93% to AED 76.95, while Gulf Navigation and Drake and Scull International (DSI) fell 1.67% to AED 1.22 and 0.9% to AED 2.24, respectively.
The DFM’s trading volume dropped 58.2% to 180.11 million shares from 430.7 million on Wednesday, while the market’s turnover nearly halved to AED 237.8 million, compared to AED 530.88 million in the previous session.
The declined liquidity can be attributed to investors' cautious trading on the market, Abdul Hamid commented.
The general index will see calm trades for a short period and can be catalysed again after the release of some major banks' positive disclosures, such as Dubai Islamic Bank and Emirates NBD, he concluded.
Translated by: Muhammad Khalid
