By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) reversed the positive performance it witnessed for two successive sessions on Wednesday.
The general index went down 0.48% or 17.14 points to 3,545.80 points.
Trading volume reached 614.63 million shares on Wednesday, compared to 965.89 million shares on Tuesday.
Turnover stood at AED 716.73 million, compared to AED 899.56 million.
Some heavy weight stocks, especially Emaar Malls Group, saw profit-taking after their annual dividend payouts were announced, the UAE markets analyst Hassan Al Hosni said.
The market was weighed by lower oil prices, amid fears of oversupply after failure of the Doha talks to freeze oil production, Al Hosni noted.
The transportation sector topped losers after falling 1.35%, weighed by Air Arabia which slid 1.6%.
The services sector retreated 1.2% weakened by Tabreed as it sagged 1.4%.
The banks sector decreased 1.05% as Emirates NBD and Dubai Islamic Bank (DIB) levelled down 1.8% and 0.66% in a row.
The real estate sector lost 0.37% after Emaar Malls Group, Drake and Scull International fell 1.7% and 1.2%, respectively.
Arabtec Holding gained 0.6% and became the value leader after generating AED 215.9 million, accounting for 30.17% of the market’s liquidity.
Closing above 3,500 points will push the index up to target 3,600 and 3,650 points in a row, he concluded.
