The Dubai Financial Market’s (DFM) general index shed 27.82 points, or 0.9%, to close at 3,051.14 points on Wednesday on the back of profit-taking.
The DFM’s decline was the result of investment portfolios’ share sales before Eid Al-Fitr, NamaaZone CEO Iyad Aref told Mubasher.
The market is expected to level up if Emaar Properties breaks above AED 6 and Arabtec Holding rises to AED 2.4, Aref added.
The investment sector lost 2.08%, as Dubai Investments decreased by 2.3% to AED 2.12, while the consumer staples went down to 1.36% after DXB Entertainments sank 1.5% to AED 0.396.
The real estate sector fell 0.96% after Arabtec Holding shed 1.75% to AED 2.25, while the banks sector lost 0.87% after Dubai Islamic Bank (DIB) declined 1.54% to AED 5.1. The telecommunication sector and its only stock, du, shed 0.2% each.
The DFM’s trading volume reached 68.29 million shares, while the market’s liquidity amounted to AED 139.83 million.
Emaar Properties, which lost 1.74% to AED 5.65, topped the market in terms of trading volume and value, with 4.86 million traded shares and a turnover of AED 27.67 million.