The Dubai Financial Market (DFM) extended its losses at Monday’s closing, pressured by profit-taking on its leading stocks, market analyst Gamal Saad has said.
The general index (DFMGI) shed 0.45% or 15.62 points and ended the day at 3,477.49 points.
The real estate sector was the biggest loser, falling 0.57% after Drake & Scull International (DSI) dropped 2.15% and Arabtec declined 0.23%.
The investment sector was down 0.48% after DFM Company and SHUAA Capital retreated 2.3% and 1.06%, respectively.
The banks sector shed 0.24% after GFH Group and Dubai Islamic Bank (DIB) lost 0.37% and 0.18, respectively.
The transport sector levelled down 0.21% as Gulf Navigation dropped 3.38%, becoming the DFM’s top faller today.
Several investment portfolios trimmed their positions in leading stocks on Monday, particularly in banking and real estate, Saad commented.
This was due to the state of caution dominating the markets as investors await new catalysts and the disclosure of companies’ first quarter financials, the analyst told Mubasher.
Nearing 3,650 points on Monday was among the reasons for today’s decline, he added.
The DFM will likely continue its fall on Tuesday, Saad added, advising traders to limit their purchases until the DFMGI reaches 3,520 points.