By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) saw a negative performance on Sunday, amid selling pressures on blue chips led by Emaar Properties.
The DFMGI went down 0.66% or 21.35 points to reach 3,208.52 points.
The transportation sector led losers after falling 1.3%, weighed down the negative performance of Air Arabia.
The real estate sector retreated 1.15% as Emaar Malls Group and Emaar Properties slid 2.3% and 1.13%, respectively.
The investment sector fell 1.1% due to a decline in Dubai Financial Market (DFM) by 2.4%.
The banks sector decreased 0.25%, pressured by Ajman Bank which was the worst performer with a 3.8% decline.
Most Dubai-listed blue chips saw profit-taking, in line with the main index’s correction movement, financial analyst Bassam Issa told Mubasher.
The general index targets to reach 3,180 points, Issa noted.
Although some stocks reached attractive price levels, foreign investors tend to liquidate their stocks after minutes from the Federal Reserve's latest meeting, the analyst explained.
The consumer staples sector was the best performer after adding 1.5%, backed by the rise of Dubai Parks and Resorts which advanced 1.6%.
Turnover declined to AED 182.3 million on Sunday, compared to AED 319.43 million last Thursday.
Trading volume stood at 182.2 million shares, compared to 278.75 million shares.
The market is likely to continue its volatile trend, Issa said, adding that the traders should not build new positions till the general index rebounds to 3,300 points.
Translated by: Julian Nabil
