By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a negative performance on Tuesday, weighed down by profit-taking on investment and banks stocks following the decline of global stock markets, an analyst told Mubasher.
The general index fell 0.06% or 2.3 points to reach 3,610.77 points.
The markets were weighed down by the negative performance of global bourses following tropical storm Harvey that raised investors’ fears, according to Fady El-Ghattis, CEO of Topsy Turvy.
Low liquidity and volatile performance of UAE bourses are normal due to calm trades ahead of the summer vacation and Eid Al Adha holiday, El-Ghattis noted.
However, some foreign portfolio investors tended to accumulate blue chips amid a positive outlook for the third-quarter financials, he said.
The consumer staples sector led losers with a 0.7% decline as DXB Entertainments went down 0.8%. The investment sector slid 0.4% after DFM Company tumbled 0.8%.
The banks sector lost 0.36% after Amlak Finance and Dubai Islamic Bank (DIB) sank 0.9% and 0.8%, respectively.
Turnover amounted to AED 143.86 million on Tuesday, compared to AED 156.22 million on Monday. Trading volume reached 87.5 million shares, compared to 89.66 million shares.
The DFM targets 3,630 points before Eid Al Adha, El-Ghattis noted.
Translated by: Julian Nabil
