By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a negative performance on Tuesday, dragged down by selling pressures on blue chips, topped by Emaar Properties and Arabtec Holding.
The general index fell 0.04% or 1.29 points to reach 3,535.22 points.
Some portfolio investors tended to speculate and reduce positions in blue chips, pushing the market lower at close, capital market analyst Nawaf Al Ajmi told Mubasher.
The consumer staples sector was the worst performer with a 0.86% decline as DXB Entertainments sank 0.99%.
Some investors shied away from trading on real estate stocks due to anxiety over the first-quarter financials of the sector, the analyst added.
The real estate sector fell 0.6% as Union Properties, Emaar Properties, and Arabtec Holding sank 1.9%, 0.9%, and 0.11%, respectively.
The market is seeing accumulations despite its continuous decline as some catalysts started to appear like Dubai Investments’ higher-than-expected dividends, Al Ajmi said.
The investment sector grew 0.88% as Dubai Investments levelled up 1.2%. The banks sector also added 0.4% after Dubai Islamic Bank (DIB) rose 1.2%.
The main index still has the opportunity to rise to 3,550 and 3,600 points, Al Ajmi said.
Translated by: Julian Nabil
