By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) maintained its downtrend on Monday, amid profit-taking on blue chips.
The DFMGI declined 0.43% or 14.26 points to reach 3,290.37 points.
The market’s performance was negatively affected by the decline of global markets, coupled with the investors’ tendency to reduce positions in real estate stocks, capital market analyst Fawzi Abdullah.
Closure of the main index below 3,300 points confirms that the market will technically continue to see correction.
The consumer staples sector led losers with a 1.5% decline, pressured by Dubai Parks and Resorts levelled down 9%.
The real estate sector fell 1.03% after Deyaar Development Company, Damac Properties and Emaar Properties slid 1.6%, 1.6% and 1.11% in a row.
The banks sector rose 0.13% due to an increase in Eshraq Properties and Emirates NBD. However, Dubai Islamic Bank (DIB) declined 0.36%.
Turnover stood at AED 232.46 million on Monday, compared to AED 188.33 million on Sunday.
Trading volume reached 232.46 million shares, compared to 227.16 million shares.
Dubai market is likely to continue its decline and reach 3,250 points, he said, adding that investors should not increase their positions.
