By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) suffered losses on Sunday, weighed down by profit-taking on some blue chips ahead of the 2016 US elections which will take place on 8 November.
The DFMGI fell 0.62% or 20.47 points to reach 3,277.96 points.
Some heavy-weight stocks witnessed profit-taking as most individual speculators tended to trade on foreign stocks which acquired a high percentage of Dubai bourse’s liquidity, capital market analyst Gamal Abdel Hamid told Mubasher.
The consumer staples sector led losers after declining 2.5% as DXB Entertainments slid 2.6%.
The real estate sector retreated 0.88% due to a decrease in Arabtec Holding by 2.33%. Likewise, the banks sector sank 0.6% as Dubai Islamic Bank (DIB) levelled down 0.8%.
Some blue chips fell as some speculators wanted to pressure the market as to repurchase it at an attractive price ahead of the 2016 US election which will set the bourse’s trend, Abdel Hamid noted.
On the flipside, the investment sector rose 0.26% after SHUAA Capital and International Financial Advisors (IFA) gained 10.09% and 6.7% respectively.
Trading volume reached 705.6 million shares on Sunday, compared to 258.87 million shares last Thursday. Turnover stood at AED 695.06 million, compared to AED 312.56 million.
The market is expected to maintain its volatile trend on Monday, he said, adding that traders should not build new positions until the main index stabilises above 3,300-3,333 points.
Translated by: Julian Nabil
