By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index on Tuesday closed in the red on the back of selling pressure and absence of foreign traders.
The DFMGI shed 0.68% or 22.8 point to 3,332.21 points.
This retreat was expected, given the increase in selling pressure on the blue chips, especially on Emaar Properties’ stock, NamaaZones’ CEO Iyad Aref told Mubasher.
The investment sector led the DFM’s losers, falling 1.15% after SHUAA Capital and Dubai Investments tumbled 3.3% and 1.24%, respectively.
The real estate sector levelled down 0.98%, as Emaar Properties lost 2.01% to AED 6.84, and Arabtec Holding dropped 1.67% to AED 2.35.
The transportation sector sank 0.76% after Gulf Navigation dropped 6.6% to AED 1.28, while the banks sector went down 0.39%, as Dubai Islamic Bank (DIB) shed 0.5%.
The market will reverse its downward trajectory after the current holidays, especially that there are positive expectations regarding the companies’ annual results, Aref added.
Stabilised above 3,330 points, the DFMGI is in suitable level for a buying trend, the analyst concluded.
The services sector led the market’s gainers, rising 0.84% after Tabreed grew 1.1% to AED 1.83.
The DFM’s trading volume dropped 29.5% to 217.08 million shares on Tuesday from 308.12 million shares on Monday, while the market’s turnover rose 3.5% to AED 373.4 million, compared to AED 386.74 million in the previous session.
Drake and Scull International (DSI) added 1.8% to AED 2.17 and topped the market in terms of liquidity, with a turnover of AED 36.08 million.
Translated by: Muhammad Khalid
