By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) suffered from bearish bets on Tuesday, amid profit-taking on blue chips led by banks and real estate sectors.
The general index fell 0.26% or 8.8 points to reach 3,369.74 points.
The market was weighed down by oil prices below $39 and a downtrend of other Gulf markets, analyst Ali Al Shehhi told Mubasher.
Trading volume rose to 603 million shares from 660.7 million shares.
Turnover decreased to AED 613.6 million, down from AED 684.3 million, which Al Shehhi owed to investor caution on back of the current blurry picture of the oil scene.
Liquidity will start to rise starting from next week as the market is likely to reverse its downtrend, after the fluctuating performance that lasted for three weeks, Al Shehhi explained.
The banks sector declined 0.53% after Dubai Islamic Bank (DIB) levelled down 1.3%.
The real estate sector slid 0.52%, knocked down by Emaar Properties and Arabtec Holding which lost 0.9% and 0.6%, respectively.
Arabtec was the value leader after generating AED 180.5 million.
On the flipside, the investment sector rose 1.6% as Shuaa Capital advanced 12.07%.
Al Shehhi advised investors to cautiously build new positions as the market will give an “exit” signal if its index breaks below 3,284 points.
The market is expected to see gains on Wednesday amid the inflow of new liquidity and fluctuations of some stocks, Al Shehhi noted.
