By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) reversed the upward trend it maintained for three successive sessions on Sunday, weighed down by expected profit-taking on some stocks.
The general index lost 1.04% or 34.90 points to reach 3.336.10 points.
Fall of blue chips comes in line with speculators’ desire to pressure on the market and buy such stocks at low prices, according to Jamal Ajaj, Director of Al Sharhan Shares Center in Abu Dhabi.
Some of Dubai-listed stocks already reached attractive price levels, Ajaj noted.
Investors’ sentiment was not significantly affected by the decline of oil and global markets, the analyst added.
The real estate sector led losers after falling 1.62%, pressured by Emaar Properties, and Drake and Scull International which went down 2% and 0.9%, respectively.
The consumer staples sector retreated 1.32% as Dubai Parks and Resorts decreased 1.3%.
The investment sector slipped 1.03% due to a decline in DFM Company and Dubai Investments.
The banks sector slid 0.53% as Dubai Islamic Bank (DIB) levelled down 1.2%.
The market saw trading of 166.16 million shares on Sunday, compared to 410.26 million shares last Thursday.
Trading volume reached AED 198.14 million, compared to AED 578.62 million.
The market is likely to continue its fluctuations on Monday, Ajaj said, adding that traders should not increase their positions until the market stabilises above 3,400 points and liquidity rises.
Translated by: Julian Nabil
