By: Mahmoud Gamal
Dubai-Mubasher: The UAE stock markets declined on Monday, weighed by pressures on stocks’ prices and slight profit-taking by speculators, analysts told Mubasher.
Dubai Financial Market (DFM) lost 0.23% or 6.4 points to reach 3,171.74 points by 11:20am UAE time.
Abu Dhabi Securities Exchange (ADX) fell 0.45% or 19.24 points to reach 4,256.45 points.
The UAE markets witnessed early profit-taking on back of blue-chip and mid-cap stocks that have been rising on speculations during the previous sessions, said senior technical analyst Hamoud Al-Azmi.
In Dubai’s market, Emaar Properties slid 1.23%, while Emaar Malls Group and Drake and Scull International (DSI) levelled down 1.2% and 0.7%, respectively. Meanwhile, Arabtec Holding and Dubai Investments added 10.32% and 0.5% in a row.
The market saw trading of 519.78 million shares through 5,600, with turnover of AED 643.24 million.
As for Abu Dhabi’s market, Aldar Properties and First Gulf Bank (FGB) fell 0.8% and 0.4% in a row. However, TAQA topped gainers with a 4.26% rise.
Turnover reached AED 68.34 million after trading 68.34 million shares through 814 transactions.
Al-Azmi noted that there some portfolio investors are exchanging positions as they target defensive stocks like Amlak Finance, Marka and Air Arabia.
Ahmed Al-Shamsi, head of technical analysis department at Traders Chamber, noted that Abu Dhabi’s main index should keep its level at 4,246 points to maintain the upward trend.
Translated by: Julian Nabil
