By: Mahmoud Gamal
Dubai-Mubasher: The Dubai Financial Market (DFM) closed Tuesday in the red, amid profit-taking on blue chips especially in the real estate and investment sectors.
The general index went down 0.44% or 15.52 points to reach 3,539.83 points
Profit-taking resumed on the Dubai bourse after oil prices reached levels not seen in three months, capital market analyst Salam Saeed told Mubasher.
The index is fluctuating between the levels of 3,600 and 3,550 points, thus it is prone to continue its decline, Saeed added.
The insurance sector led losers after falling 1.77%, weighed down by National General Insurance (NGI) and Islamic Arab Insurance Co which tumbled 5.9% and 2.8% respectively.
The investment sector also decreased 1.5% as Dubai Investments levelled down 1.38%.
Most traders tended to decrease their positions in Emaar Properties and Arabtec Holding amid anticipation of their first-quarter financials, Saeed noted.
The real estate sector retreated 1.3% as Emaar and Arabtec were down 1.43% and 0.66% respectively.
On the flipside, the banks sector led gainers, adding 0.11% as Emirates NBD advanced 1.03%.
Turnover stood at AED 292.3 million on Tuesday, compared to AED 300.44 million shares on Monday. Trading volume reached 156.87 million shares, compared to 207.26 million shares.
Translated by: Julian Nabil
