The Dubai Financial Market’s (DFM) general index lost 0.12% to 3,499.36 points on Wednesday amid the anticipation of the companies’ disclosures.
The DFM witnessed selling pressure today, after eight successive sessions of increase, said vice president of Investment Research at KAMCO Raed Diab.
The market’s performance is positive, while the investors are thrilled with the low-priced shares, Diab commented.
The transportation sector topped the market’s losers, shedding 0.8%, after Aramex went down 1.14% to AED 4.32, while the services sector tumbled 0.6%, as Amanat Holdings and Tabreed levelled down 0.68% and 0.52%, respectively.
The real estate sector also lost 0.38% after Emaar Properties dropped 1.09% to AED 7.23, while Union Properties sank 0.9%.
The consumer staples sector, on the other hand, rose 1.3%, as DXB Entertainments increased by 1.44% to AED 0.705.
The insurance sector grew 0.76% after Salama and Dar Al Takaful levelled up 1.6% to AED 0.55 and 1.14% to AED 0.972, respectively.
The DFM’s trading value surged 27.3% to AED 530.88 million from AED 417 million on Tuesday, while the market’s trading volume soared 56.5% to 430.7 million shares, compared to 275.16 million in the previous session.
Deyaar Properties, which rose 3.5% to AED 0.561, was the most-actively traded stock in terms of both volume and value, with a turnover of 98.15 million and a trading volume of 175.03 million shares.
Investors keep their eyes focused on the blue chips’ disclosures and dividends, especially Emaar Properties’, Diab continued.
Technically, the DFMGI eyes resistance near 3,510 points, and by breaking above, it can grow to 3,550 points and 3,600 points, the analyst remarked.
The declining trend may continue on the DFM, but it will not be sharp, Diab concluded.