By: Mahmoud Gamal
Dubai-Mubasher: Dubai Financial Market (DFM) saw a downtrend on Monday, amid profit-taking which was accompanied by a slowdown in trading activity.
The DFMGI lost 0.72% or 25.9 points to reach 3,557.47 points.
The market’s downtrend is mainly attributed to natural profit-taking after its main index broke above 3,550 points, capital market analyst Mohamed Al Dhafiri said.
Closure of the market above 3,400 will push traders to make more sales operations, the analyst added.
The consumer staples sector fell 2.07% as Dubai Parks and Resorts retreated 2.14%.
The telecom sector slid 1.5% due to a decline in du by 1.5%.
The real estate sector lost 1.4% after Emaar Properties and Arabtec Holding levelled down 1.8% and 1.74% in a row.
The investment sector decreased 0.98% as Dubai Investments went down 1.34%.
On the flipside, the banks sector added 0.5% due to a rise in Emirates NBD by 1.8%
Trading volume reached 431.74 million shares on Monday, compared to 475.77 million shares on Sunday.
Turnover stood at AED 477.97 million, compared to AED 495 million.
Liquidity seen on the DFM is speculative one, he said, adding that the market will continue its fluctuations till the trend of global markets become clear.
Lower oil prices negatively affected investors’ sentiment, Al Dhafiri concluded.
