Dubai – Mubasher: The Dubai Financial Market (DFM) ended Tuesday in the red amid profit-taking on real estate stocks, particularly on Emaar Properties.

The market’s general index (DFMGI) plunged 3.44% or 132.4 points to 3719.44 points, ending a three-successive-session rise that it began on Thursday, December 18.

Experts had told Mubasher in statements that they expect the DFM to incur ‘logical and expected’ profit-taking following the successive gains over the previous sessions.

Trading retreated significantly today compared to previous sessions, as 724 million shares changed hands through 11,874 transactions on Tuesday at a turnover of AED 1.076 billion.

The real estate sector plunged by 4.9%, topped losing sectors, amid losses by Emaar Properties and Arabtec, which dropped 5.88% and 4.6%, respectively. Moreover, Emaar Malls topped declining stocks, plummeting by 6.4%.

The banking sector ranked second top decliner, falling by 3.08%, as Emirates NBD and Dubai Islamic Bank (DIB) retreated by 4.54% and 3.3%, respectively.

On the other hand, United Kaipara Dairies Co. topped gaining stocks, surging by 14.99%, followed by Dar Al Takaful and Ekttitab Holding, which rose by 6.67% and 2.47%, respectively.

A total of 35 companies traded on the DFM today, of which 27 were in the red, 5 gained and 3 remained unchanged.

Translated by: Nada Adel Sobhi

Photo Credit: Arabianeye-Reuters