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DFM erases early gains on real estate, investment pressures

DFM erases early gains on real estate, investment pressures
Photo Credit: Arabianeye-Reuters

Dubai – Mubasher: The Dubai Financial Market (DFM) ended Wednesday at a decline after two straight sessions of gains amid selling pressures on the real estate sector, led by Arabtec and Emaar Properties, in addition to Dubai Investments (DI) and Emirates NBD.

The DFMGI fell 0.45% or 18.6 points and closed at 4,108.74 points. Turnover dropped significantly from AED 1.10 billion on Tuesday to AED 657.2 million, while trade volume declined from 561.7 million shares to 326.43 million today.

Analysts told Mubasher that UAE markets were expected to continue their positive performance on Wednesday, although some speculators were predicted to resort to quick profit-taking that could slow down the wave of gains.

The consumer staples sector led fallers, dropping 1.85% as Dubai Parks and Marka lost 1.9% and 1.56%, respectively, while the investment sector retreated 0.9% as DI slipped 1.3% while DFM Company saw no change.

The real estate sector lost 0.78% as Arabtec and Emaar slid 1.63% and 0.25%, respectively.

On the other hand, the banking sector was in the green, inching up 0.05% as Dubai Islamic Bank (DIB) rose 0.58%, whereas Emirates NBD fell 1.1%.