By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) did not manage to maintain its positive performance on Monday, hurdled by profit-taking on most blue-chip stocks.
The general index fell 1.6% or 54.03 points to reach 3,306.44 points.
The market was also weighed by the bearish performance of its peers, in addition to lower oil prices, according to capital market analyst Doaa Al-Majed said.
The banks sectors led decliners after losing 2.2% as Dubai Islamic Bank (DIB) retreated 4%.
The consumer staples sector slid 2.14% due to a decline in Dubai Parks and Resorts.
The real estate sector levelled down 1.7% after Emaar Properties, Arabtec Holding and Union Properties (UP) fell.
The industrial sector topped gainers after adding 14.9% as National Cement Company rose.
Turnover reached AED 219.9 million on Monday, compared to AED 286 million.
Trading volume stood at 151.89 million shares, compared to 255.88 million shares.
Traders were cautious amid anticipation of the OPEC meeting’s outcome and Morgan Stanley Capital International’s (MSCI) revision in the coming days, Al-Majed noted.
Dubai bourse is expected to fall on Tuesday, Al-Majed said, adding that the market’s approach to 3,300 points will push the index down to 3,280 points.
Translated by: Julian Nabil
