By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) closed lower on Wednesday, pressured by Emaar Properties and Emirates NBD, in addition to quick speculations and liquidation of selective stocks for profit-taking, analysts told Mubasher.
The general index lost 0.25% or 7.63 points to reach 3,057.21 points.
Speculators started to pressure again on selective stocks, a scenario repeated by fluctuating UAE and GCC markets, technical analyst Mohamed Sonbol told Mubasher.
Although markets see selling operations and exchange of positions, some portfolio investors started to build positions in leading stocks, said the analyst.
Turnover reached AED 314.4 million ($85.57 million) on Wednesday, compared to AED 580.46 million ($158.03 million) on Tuesday. Trading volume declined to 298.28 million shares from 519.56 million shares.
Commenting on the low trading volume, Sonbol noted that traders started to be anxious on news that Iran will increase its oil production.
The real estate sector declined 0.48%, followed by Emaar Properties and Damac Properties at 1.06% and 1.2%, respectively.
The investment sector lost 0.39% due to a decrease in DFM Company by 0.8%.
On the flipside, the services sector increased 0.87% as Amanat Holdings advanced 1.5%.
The telecom sector levelled up 0.35% due to a rise in du by 0.35%.
The banks sector inched up 0.01% as Dubai Islamic Bank (DIB) went up 1.02%.
Closing above 2,900 points will lead the index to maintain its upward trend, the analyst said, adding the DFMGI will target 3,160-3,200 points, if hurdled 3,000 points.
Translated by: Julian Nabil
