Dubai – Mubasher: The Dubai Financial Market General Index (DFMGI) closed in the red zone on Thursday on profit-taking along with the anticipation of the companies’ financial results.
The DFMGI lost 0.39% or 14.26 points to 3,651.10 points.
The profit-taking pressure on the real estate sector’s stocks, especially Emaar Properties and DAMAC Properties is the main cause behind the DFMGI’s decline, technical analyst Gamal Abdul Hamid told Mubasher.
The real estate sector topped DFM’s losers, led by Emaar Malls, which shed 1.3% to AED 2.33 and Emaar Properties, which sank 0.9% after the announcement of Emaar Development’s Initial Public Offering (IPO) details.
Arabtec Holding and Drake and Scull International (DSI) levelled down 0.7% and 0.5%, respectively.
The stocks of Deyaar Properties, International Financial Advisors (IFA), SHUAA Capital, and Amlak Finance saw strong purchases despite the poor performance of Thursday’s session, said Abdul Hamid.
Deyaar Properties headed the DFM’s gainers, rising 3.7% to AED 0.55.
IFA added 2.4%, while SHUAA Capital and Amlak Finance grew 1.85% to AED 1.1 and 1.8% to AED 1.13, respectively.
DFMGI stabilisation at 3,650 points is a good indicator for increasing in the next sessions, Abdul Hamid concluded.
DFM’s trading volume reached 451.64 million shares, compared to 326.81 million shares on Wednesday, with a turnover of AED 432.49 million versus AED 568.31 million in the previous session.
