By: Mahmoud Gamal
Dubai-Mubasher: The Dubai Financial Market (DFM) resumed its negative performance on Monday, amid profit-taking on blue chips led by Arabtec Holding and Dubai Islamic Bank (DIB).
The general index fell 0.01% or 0.29 points to reach 3,510.95 points.
The market’s slight decline is mainly attributed to profit-taking on stocks which reached their profitability targets, according to capital market analyst Mohamed Al Hosni.
The transportation sector topped losers with a 1.04% decline as Air Arabia levelled down 1.36%. Likewise, the banks sector slid 0.4% after Dubai Islamic Bank (DIB) decreased 0.7%.
On the flipside, the investment sector rose 0.79% as Dubai Investments advanced 0.9%.
The real estate sector went up 0.47% after Emaar Properties and Union Properties grew 1.3% and 0.27% respectively.
The real estate and investment sectors saw positive performance despite the DFMGI’s decline due to speculators building positions on blue chips of these sectors, Al Hosni said.
Liquidity decreased 4.3% to AED 279.97 million on Monday, compared to AED 292.58 million on Sunday. Trading volume increased 16.8% to 219.05 million shares, compared to 187.43 million shares.
Current liquidity level is still weak as investors are cautious over the remaining financials of some companies like Arabtec Holding, Al Hosni noted.
Translated by: Julian Nabil
