By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) reversed the downward trend it maintained for three sessions on Wednesday, amid profit-taking on real estate and telecom stocks.
The general index fell 1.8% or 61.24 points to close at 3,225.78 points.
Traders started to sell Arabtec’s shares to generate gains in the recent sessions after news that the company’s former CEO Hasan Ismaik is boosting his stake, said market technical analyst Mohammed Al-Anzi.
Amlak Finance led losers after declining 9.7% to AED 1.57, followed by Arabtec Holding which fell 9.09% to AED 1.5.
The market’s performance was weighed by selling pressures on Emaar Properties and du, according to Al-Anzi.
du slid 1.9% to AED 5.9, while Emaar decreased 1.8% to AED 5.75. Meanwhile, Commercial Bank of Dubai (CBD) increased 7.5%.
Al-Anzi said that some portfolio investors shifted their bets toward mid-cap stocks, especially Amanat Holding and Shuaa Capital which advanced 0.9% and 0.6% in a row.
Turnover reached AED 2.3 billion ($626 million) on Wednesday, compared to AED 1.8 billion ($490 million) on Tuesday.
Higher liquidity was mainly attributed to selling pressures on leading stocks topped by Arabtec, Arab markets analyst Hashim Al-Fahmawi said. Therefore, Dubai’s main index is likely to decline to 3,061 points, he added.
Trading volume stood at 1.75 billion shares, compared to 1.3 billion shares.
Translated by: Julian Nabil
