By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index shed 22.41 points, or 0.7%, to close at 3,165.51 points on Monday.
The DFM saw a profit-taking trend in the second session of the week, which was not unexpected, given the cautious trading that has dominated the market since the end of the disclosure period, the technical analyst Gamal Abdul Hamid told Mubasher.
During the last five weeks, the market has been led by speculators aiming for quick profits, especially from foreign stocks, which do not affect the general index, Abdul Hamid added.
Monday’s loss can be attributed mainly to the stocks of Emaar Properties and DAMAC Properties, the analyst revealed.
The real estate sector lost 1.9% after Emaar Properties, DAMAC Properties, and Emaar Development went down 2.8%, 2.68%, and 2.49%, respectively.
The investment sector sank 0.9% after the DFM Company levelled down around 0.7%, while Dubai Investments fell 0.92%.
The transportation sector declined 0.65%, as Aramex decreased by 1.38% to AED 4.29.
On the other hand, the banks rose 0.84% after Emirates NBD surged 4.5% to AED 10.45.
The DFM’s trading volume shrank to 116.71 million shares from 197.75 million on Sunday, while the market’s liquidity dropped to AED 328.62 million through 2,780 transactions, versus AED 421.05 million in the previous session.
GFH Group topped the DFM in terms of volume with 23.67 million traded shares, while Emirates NBD led the market in terms of liquidity, with a turnover of AED 113.18 million.
Markets are expected to rise gradually in the coming sessions, bringing the prices up to record level, Abdul Hamid concluded.
Translated by: Muhammad Khalid
