By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index levelled down 0.31% or 11.43 points to close at 3,639.67 points on Sunday, weighed by profit-taking.
The DFMGI dropped at the beginning of the week due to profit-taking, which had also impacted the market at the closing of last week, technical analyst at the African Economic Council Mona Mostafa told Mubasher.
Last week when the index neared important resistance levels, which deterred the index from rising, the analyst added, noting that the “disappointing” quarterly results of several companies had also contributed to the negative performance.
SHUAA Capital led the DFM’s losers and fell 2.7% to AED 1.07, while Drake and Scull International (DSI) went down 2.4% to AED 2.03.
The DFM Company shed 0.8% to AED 1.17, while Dubai Islamic Bank (DIB) and Emaar Properties lost 0.16% and 0.12%, respectively.
There were only seven gainers on the DFM, headed by Emirates Islamic Bank (EIB) which levelled up 3.7%, while Commercial Bank of Dubai (CBD) rose 2.05% and Arabtec Holding gained 1.02%.
Sellers continue to dominate the DFM's trades, which may push the general index toward support at 3,615 and 3,602 points, Mostafa explained, noting that resistance will be seen at 3,668 points.
Translated by: Muhammad Abdulwakeel
