By: Mahmoud Gamal

Dubai – Mubasher: The main index of Dubai Financial Market (DFM) continued its negative performance on Monday, affected by profit taking, low oil prices and global market volatility.

The index fell 1.8% or 61.95 points to the level of 3,385.31 points.

“The investor’s appetite to profit taking and the fall in neighbouring and global markets are reasons for the decline today,” analyst, Ahmed Al-Zahori, told Mubasher.

“The market was expected to turn to green today as result to the above-expectations profits of DFM Company and Emaar Properties,” he added.

The investment was the worst performing sector with a 4.65% decrease as Dubai Investments shrank 5.07% and DFM Company plummeted 4.03%.

The real estate sector also fell 2.33% as Drake and Scull, Arabtec and Emaar declined by 4.31%, 3.2% and 2.11% respectively.

The banks sector moved 0.88% down, due to a 3.6% fall in Dubai Islamic Bank.

Turnover reached AED 451.73 million through exchanging 297.9 million shares.

“The index broke the level of 3,433 points, and is expected to reached 3,240 points tomorrow,” Al-Zahori said.

Translated by: Elwy el-Manzalawy