By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) reduced its losses at the closing of Tuesday’s session backed by selective buying from portfolios on real estate stocks led by Arabtec and with the exception of Emaar Properties.
The DFMGI slipped 0.11% or 3.11 points and closed at 3,312.37 points, registering its second straight decline.
Turnover reached AED 353.12 million, up from AED 340.9 million on Monday, while traded volume was down to 324.74 million shares from 354.38 million the day before.
The real estate sector added 0.07%, which helped trim the index’s losses. Gains were due to Arabtec, Deyaar and Drake & Scull International (DSI). In addition the investment sector grew 1.4% on Dubai Investments which added 2.02%.
Real estate stocks were able to reduce their losses earlier in the session, which in turn helped the DFMGI trim its down decline, commented Raed Diab, vice president of investment research at KAMCO.
Speaking to Mubasher, Diab noted that Arabtec’s share which was up 2% today needs to pass the level of AED 1.55 to attract buyers and help the benchmark index rise.
The index’s continued weak performance will likely result in further pressures that may bring the index further down towards the level of 3,250 points, the analyst added.
On the other hand, passing the level of 3,350 points will push the index into a positive rebound allowing it to target the level of 3,420 points, he highlighted.
Translated by: Nada Adel Sobhi
