By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a negative performance on Wednesday, weighed down by profit-taking on blue chips and fluctuations of global stocks, analysts told Mubasher.
The general index fell 0.03% or 0.9 points to reach 3,339.37 points.
Significant profit-taking on Emaar Properties and Arabtec Holding led Dubai’s bourse to see a volatile performance today, technical analyst Mohamed Ismail said.
The real estate sector led losers with a 0.29% decline as Arabtec and Emaar fell 1.68% and 0.98%, respectively.
The transportation sector went down 0.16% after Gulf Navigation Holding and Aramex sank 0.65% and 0.2%, respectively.
Some portfolio investors tended to decrease their positions in blue chips, against increased purchases of small caps, Ismail added.
On the other hand, the insurance sector led gainers with a 3.18% rise after Dubai Islamic Insurance and Reinsurance Co (AMAN) and Dubai Investments increased 1.25% and 0.5%, respectively.
Turnover amounted to AED 892.36 million on Wednesday, compared to AED 213.73 million on Tuesday. Trading volume reached 615.24 million shares, compared to 184.71 million shares.
The market will fall to 3,300 points if it declines below its current level, Ismail said.
Translated by: Julian Nabil
