By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index lost 5.16 points, or 0.18%, to close at 2,931.59 points on Wednesday on the back of profit-taking mania.
In the second half of today’s session, investors commenced a selling trend, which dragged down - albeit unjustifiably, the majority of blue chips, technical analyst Gamal Abdul Hamid told Mubasher.
This “hasty trading” prevented stocks from reached strong price levels, Abdul Hamid added.
The consumer staples sector shed 1.45% after DXB Entertainments declined 1.6% to AED 0.368 and the banks sector sank 0.62%, as Dubai Islamic Bank (DIB) decreased by 1.02% to AED 4.83.
The transportation sector fell 0.38% after Air Arabia went down 0.83% to AED 1.19, while the investment sector lost 0.26%, as Shuaa Capital levelled down 1.8% to AED 1.1 and Dubai Investments sank 0.5% to AED 1.99, respectively.
The DFM’s trading volume reached 194.89 million shares, while the market’s liquidity hit AED 300.16 million.
Drake and Scull International (DSI) topped the DFM in terms of trading volume, with 24.32 million traded shares, and DIB led the market in terms of liquidity, with a turnover of AED 42.22 million.
Translated by: Muhammad Khalid
