By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) maintained its negative performance on Wednesday, weighed down by profit-taking.
The main index fell 0.93% or 30.93 points to reach 3,291.52 points.
Traders were cautious over third-quarter financials of blue chips, leading to selling pressures on some stocks on Tuesday, capital market analyst Gamal Abdel Hamid told Mubasher.
The main index is likely to fall to 3,280 points if the market sees further selling by some portfolios, the analyst added.
The real estate sector topped losers after falling 1.48% as Arabtec Holding and Emaar Properties slid 2.44% and 1.6% respectively.
The investment sector retreated 1.16% as Dubai Investments sank 0.98%. The banks sector also declined 0.55% after Dubai Islamic Bank (DIB) levelled down 1.35%.
The transportation sector slid 0.14% after Gulf Navigation Holding decreased 1.7%.
Trading volume reached 169.7 million shares on Wednesday, compared to 284.01 million shares on Tuesday. Turnover stood at AED 244.14 million, compared to AED 454.05 million.
The market still suffers from weak liquidity as investors are not sure if the current stocks’ prices, namely DIB and Emaar, are suitable for buying.
Translated by: Julian Nabil
