By: Mahmoud Gamal

Dubai-Mubasher: The Dubai Financial Market (DFM) witnessed a negative performance on Thursday, amid profit-taking on blue chips especially Emaar Properties and Arabtec Holding.

The real estate sector was the worst performer with a 0.75% decline, weighed down by Arabtec Holding, Emaar Malls Group and Emaar Properties which slipped 2.6%, 1.35% and 0.3% respectively.

The banks sector retreated 0.17% as Amlak Finance and Emirates NBD slid 1.35% and 0.46% respectively.

Portfolio investors tended to decrease its position in blue chips especially in the real estate sector, UAE markets analyst Mohamed Al Hosni told Mubasher.

The market’s fall is technically attributed to the index’s approach to its support at 3,540 points, Al Hosni explained.

On the flipside, the consumer staples sector topped gainers after rising 3.67% as Dubai Parks and Resorts advanced 3.75%.

Trading volume reached 461.02 million shares on Thursday, compared to 345.29 million shares on Wednesday. Turnover stood at AED 573.07 million, compared to AED 553.71 million.

The market is likely to continue its decline, Al Hosni said, adding that small investors should not increase their positions until the main index breaks above 3,560 points.

Translated by: Julian Nabil