By: Mahmoud Gamal
Dubai-Mubasher: The Dubai Financial Market (DFM) erased its early gains and ended Tuesday’s session down, dragged by profit-taking on some stocks.
The DFMGI fell 0.06% or 2.04 points to reach 3,544.19 points.
The consumer staples sector was the worst performer with a 1.73% decline, weighed down by Dubai Parks and Resorts which slid 1.73%. Similarly, the consumer services sector went down 1% as Amanat Holdings retreated 1.11%.
The transportation sector tumbled 0.06% due to a decline in Gulf Navigation Holding by 0.85%. The investment sector also went down 0.05% as SHUAA Capital decreased 5.5%.
The market’s fall was mainly attributed to normal profit-taking on defensive and mid-cap stocks, according to capital market analyst Fawzi Abdullah.
DFM was technically weighed down by the approach of its main index to an important support level at 3,540 points, Abdullah added.
On the flipside, the banks sector topped gainers after adding 0.09%, backed by Amlak Finance and Emirates NBD which grew 0.73% and 0.25% respectively.
The real estate sector also increased 0.04% as Emaar Properties, and Drake and Scull International (DSI) rose 0.14% and 4.09% respectively.
The market saw trading of 421.74 million shares on Tuesday, compared to 586.67 million shares on Monday. Turnover also stood at AED 448.05 million, compared to AED 589 million.
Dubai bourse is expected to continue its decline on Wednesday, Abdullah said, adding that traders should not increase their positions until the DFMGI breaks above 3,560 points.
Translated by: Julian Nabil
