By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) reversed the positive performance it saw in early trades on Wednesday, weighed down by the banks and real estate stocks.
The DFMGI fell 0.51% or 16.68 points to close at 3,285.06 points.
Most of Dubai-listed stocks saw a quick profit-taking on Wednesday, after the slight rise of the DFM yesterday, financial analyst Bassam Issa noted.
The market resumed its correction which will not end until the index reaches 3,250 points, the analyst added.
The stocks still witness strong selling pressures, which will lead to further fluctuations in their performance in the coming period despite the existence of strong external catalysts like the rise of oil prices, Issa explained
The market will technically confirm its downward trend if its general index breaks below 3,250 points, Issa noted.
The bank sector was the worst performer due to a decline in Eshraq Properties and Amlak Finance by 2.6% and 1.4%, respectively.
The investment sector declined 0.7% as SHUAA Capital fell 2.9%.
The real estate sector retreated 0.38% after Emaar Properties decreased by 0.16%.
On the flipside, the transportation sector was the best performer with a 0.47% rise, backed by Gulf Navigation Holding which grew 2.9%.
Turnover reached AED 295 million on Wednesday, compared to AED 255.78 million on Tuesday.
Trading volume stood at 257 million shares, compared to 196.67 million shares.
The market is expected to maintain its sideways movement on Thursday, Issa said, adding that traders should not increase their positions till the main index rebounds to 3,400 points.
Translated by: Julian Nabil
