By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) continued its decline on Thursday, pressured down by blue chips.
The DFMGI lost 0.51% or 17 points to reach 3,307.72 points; the lowest level in June.
Negative performance of the global oil and stock markets pushed investors to continue their profit-taking on blue chips, thus pressuring down the market, capital market analyst Gamal Abdel Hamid told Mubasher.
The transportation sector led losers after falling 1.6%, weighed down by the decline of Air Arabia.
The investment sector slid 0.76% as DFM Company closed lower.
The real estate sector decreased 0.6% due to a decline in Union Properties, Arabtec Holding and Emaar Properties.
On the flipside, the services sector was the top gainer with a 0.88% rise. The consumer staples sector also advanced 0.7% as Dubai Parks and Resorts went up 0.7%.
Trading volume reached 119.74 million shares on Thursday, compared to 226.05 million shares on Wednesday. Turnover stood at AED 178.76 million, compared to AED 243.69 million.
The market is expected to reverse its downward trend on Sunday and Monday, with its general index is likely to target 3,333 and 3,351 points respectively, Abdel Hamid added.
Translated by: Julian Nabil
