By Mahmoud Gamal

Dubai – Mubasher: The main index of Dubai Financial Market (DFM) ended Sunday’s session in the red territory, amid “expected” profit-taking seen in the investment, banks and real estate sectors.   

The benchmark dropped 0.69% to 3,037.33 points, losing 21.09 points at closing.

Today’s trading value decreased to AED283.95 million ($77.29 million), versus AED604.4 million ($164.5 million) in the previous session. Likewise, trading volume dipped to 189.74 million shares, from 458.5 million a session earlier. 

Sector-wise, the investment topped decliners with a drop of 2.35%, followed by telecommunication (-1.32%), banks (-0.50%), and lastly real estate (-0.46%). Meanwhile, the industrials was the only unchanged sector.

As for shares’ performance, Emaar Malls Group was the worst performer with a 3.5% fall. Similarly, Dubai investments, Dubai Islamic Bank and Arabtec slipped by 2.3%, 1.5%, and 1.7% respectively.

Bourse operator DFM Company edged 2.5% lower today, dragged by announcing net-income decline to AED15.5 million ($4.22 million) during Q4-15.

Nonetheless, Emaar Properties clang to the green zone as it rose by 0.93% to AED5.45, powered by the yet-to-be inaugurated tower project in Dubai Creek.

This downturn is ascribed to the continued strong correlation with volatile global markets and oil prices as well as political tensions, namely after Saudi Arabia and other Arab countries declared their willingness for a military intervention in Syria, an analyst exclusively told Mubasher.

Although portfolios have much liquidity, they await favorable conditions to put money back to work, Mohamed Sonbol said.  

Translated by Ahmed El-Sayed Ali