By: Mahmoud Gamal
Dubai – Mubasher: The Dubai Financial Market (DFM) saw a negative performance on Thursday, weighed down by profit-taking on blue chips.
The general index declined 1.02% or 35.88 points to reach 3,469.82 points at close.
The market is expected to resume its negative performance amid increased profit-taking, capital market analyst Wael Hussein told Mubasher.
The market’s decline is affected by late financial announcements of many companies, the analyst added.
The market may decline below 3,500 if it moves below 3,450 points, Hussein noted.
The telecom sector led losers with a 2.54% decline as du levelled down 2.54%, while the investment sector sank 2.08% after Dubai Investments retreated 2.7%.
The real estate sector lost 0.97% after Arabtec Holding and Emaar Properties retreated 4.4% and 2.5% respectively. The banks sector also slid 0.97% as Dubai Islamic Bank (DIB) levelled down 0.34%.
The market saw trading of 278.25 million shares on Thursday, compared to 340.11 million shares on Wednesday. Turnover amounted to AED 356.58 million, compared to AED 414.65 million.
Translated by: Julian Nabil