By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) closed on a low note Tuesday, pressured by profit-taking on real estate sector stocks Arabtec Holding and Emaar Properties, added to declines in the banks sector.
The DFMGI slipped 0.13% or 4.8 points and closed the session at 3,594.62 points.
The consumer staples sector led losers, falling 1.5% after its stock DXB Entertainments shed 1.8%, while the banks sector lost 0.33% after Dubai Islamic Bank (DIB) declined 0.34%.
The real estate sector was down 0.24% after Drake and Scull International (DSI) retreated 2.42%, while Arabtec and Emaar lost 0.8% and 0.37%, respectively.
Commenting on the DFM’s performance on Tuesday, head of investment research at KAMCO Raed Diab said that the DFMGI had lost its “rising momentum” after several stocks suffered profit-taking following almost two weeks of strong gains.
The DFMGI has neared levels not seen since early March on the back of growing investment appetite over companies’ first-half financial results, Diab told Mubasher.
The DFM will see support at the level of 3,560 points, the analyst noted, indicating that a decline below this level will result in further profit-taking towards 3,535 points.
The DFMGI needs to close above 3,616 points to resume its positive performance and target the levels of 3,655 and 3,670 points, respectively, Diab highlighted.
Turnover amounted to AED 338.88 million on Tuesday, up from AED 218.30 million on Monday, while traded volume almost doubled to 349.78 million shares versus 177.152 million in the previous session.
Translated by: Nada Adel Sobhi
