By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) closed Monday’s trading session in the red zone, amid profit-taking and anticipations for leading companies’ fourth-quarter results.
The general index fell 0.52% or 18.45 points to reach 3,536.51 points.
Traders are still anxious on leading companies’ first-quarter financials, leading to increased sales, financial analyst Gamal Saad told Mubasher.
The main index is likely to decline to 3,480 points amid selling pressures on some stocks by portfolio investors, the analyst added.
The banks sector fell 1.2% as Emirates NBD and Dubai Islamic Bank (DIB) retreated 2.3% and 1.2%, respectively.
The investment sector slid 0.43% after DFM Company and SHUAA Capital levelled down 0.8% and 0.56% respectively. The real estate sector sank 0.39% as Emaar Properties tumbled 0.53%.
On the other hand, the transportation sector rose 0.97% as Aramex added 2.36%.
Trading volume reached 167.5 million on Monday, compared to 186.53 million shares on Sunday. Turnover amounted to AED 251.75 million, compared to AED 241.94 million.
The market still suffers from low liquidity levels due to investors’ lack of confidence that the current prices of stocks, like Dubai Islamic Bank (DIB) and Emaar Properties, are good for purchases, Saad noted.
Translated by: Julian Nabil
