By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) ended Thursday in the red after massive selling hit several blue chips, excluding Emaar Properties.
The DFMGI closed down 0.43%, shedding 15.04 points to 3,491.91 points. Turnover reached AED 481.8 million, down from AED 606.26 million on Wednesday, whereas traded volume reached 304.12 million shares against 391.99 million the day before.
Profit-taking extended to Thursday’s session following the recent sharp rise of several leading stocks, coinciding with oil price declines in early Asian trades and global markets global, said market analyst Gamal Abdelhamid in comment to Mubasher.
Dubai Islamic Bank’s (DIB) announcement of subscription in its capital hike added to the drop, the analyst added.
The banking sector fell 2.10% as DIB retreated 2.01%, while the investment sector lost 0.5% as Gulf General Investments Co. (GGICO) slipped 0.3%.
On the other hand, the real estate sector grew 1.33% as Emaar gained 1.9%, whereas Arabtec fell 2.4% after announcing that its ordinary general meeting (OGM) will elect two new members to the board.
Falling below the level of 3,498 points is likely to result in further declines for the DFM, according to analyst Mohamed Al-Kaaby.
Translated by: Nada Adel Sobhi
