Dubai – Mubasher: The Dubai Financial Market (DFM) erased the gains it achieved earlier on Thursday and ended the session at a marginal decline on the back of profit-taking on leading stocks.
The DFMGI slipped 0.14% or 4.76 points to close at 3,365.09 points.
The consumer staples sector led fallers, losing 0.9% after DXB Entertainment declined 0.6% to AED 0.637, while the transport sector was down 0.7% after Aramex tumbled 2.3% to AED 4.3.
The investment sector shed 0.6% after DFM Company fell 0.9% to AED 1.11.
Profit-taking on blue chips, following the recent gains, was the main reason for Thursday’s decline, technical analyst Mohamed Saeed told Mubasher, noting that Emaar Properties’ stock was among the leading stocks that suffered declines and dragged the DFM down.
The real estate sector shed 0.5% after Arabtec retreated 1.24% to AED 2.38, while Emaar Properties declined 0.42% to AED 7.11.
On the positive side, the banks sector added 0.54% after Emirates NBD gained 1.75% to AED 8.15.
The DFM’s turnover jumped 69% to AED 482.55 million from AED 292.71 million on Wednesday, while traded volume surged 194.6% to 420.87 million from 142.88 million in the previous session.
Despite Thursday’s rise traded value and volume and the levels remain weak, Saeed added, indicating that this weakness stems from the state of uncertainty and absence of market-moving catalysts.
Union Properties, which increased 1.4% to AED 0.890, was the most active in terms of volume and value with 271.59 million shares exchanged at a turnover of AED 239.86 million.
Projections that Union Properties’ improved annual sales were behind the stock’s active trading, Saeed commented.
The analyst forecast that the jittery performance will extend to next week until new positive catalysts arise to bolster investor buying.
