By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) saw a bearish performance on Monday amid profit-taking on blue chips, analysts told Mubasher.
The DFMGI lost 1.48% or 50.18 points to close at 4,350.85 points.
The market is witnessing reasonable profit-taking after its index gained more than 800 points since last January, according to Raed Diab, Vice President of Investment Research Department in KAMCO.
Turnover stood at AED 707.64 million ($192.6 million) on Monday, compared to AED 858.8 million ($233.74 million) on Sunday.
Trading volume reached 569 million shares as compared to 686.14 million shares.
The consumer staples sector decreased 5.47% after Dubai Parks and Resorts fell 5.47%.
The market’s negative performance was mainly attributed to a decline in Dubai Parks, Arabtec Holding and Emaar Properties.
The real estate sector slid 1.8% after Emaar Malls Group, Arabtec and Emaar levelled down 3.5%, 2.9% and 1.4% in a row.
Profit-taking is likely to continue, Diab said, adding that the support levels stand at 3,200 and 3,100 points, respectively.
The banks sector decreased 1.3% after Dubai Islamic Bank (DIB) retreated 2.2%.
The telecom sector went down 0.97% after du also declined by 0.97%.
On the flipside, the transportation and services sectors added 0.4% and 0.2% in a row.
