By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) on Tuesday reversed the positive performance it maintained, backed by the sales of blue chips.
The general index fell 0.78% or 26.44 points to reach 3,363.60 points.
The market was weighed down by selling pressures on blue-chip stocks amid the lack of new catalysts, capital market analyst Abdullah Al-Alei said.
The GCC bourses will be affected by the meeting of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC partners on Wednesday over the prolongation of the production cut deal, the analyst noted.
The main index still targets 3,380 points as it did not approach its important resistance at 3,350 points, Al-Alei added.
The investment sector led losers after falling 1.23% as DFM Company and Dubai Investments sank 3.6% and 0.5%, respectively.
The banks sector also went down 0.96% due to a decline in Dubai Islamic Bank (DIB) by 0.85%.
The real estate sector levelled down 0.73% as Arabtec Holding and Emaar Properties levelled down 1.73% and 1.48%, respectively.
Trading volume reached 200.28 million shares on Tuesday, compared to 351.83 million shares on Monday. Turnover amounted to AED 272.02 million, compared to AED 312.74 million.
Translated by: Julian Nabil
