By: Mahmoud Gamal

Dubai-Mubasher: The Dubai Financial Market (DFM) saw a positive performance in Wednesday, amid profit-taking on blue chips and lower oil prices.

The benchmark index slid 1.51% or 53.37 points to reach 3,480.46 points.

The transportation sector led losers after falling 2.36% as Air Arabia went down 2.9%. Likewise, the investment sector slid 2.3% as DFM Company retreated 2.9%.

The real estate sector levelled down 1.6% after Emaar Properties and Arabtec Holding decreased 2% each. The banks sector also fell 1.59% as Dubai Islamic Bank (DIB) tumbled 1.4%.

The market saw trading of 346.35 million shares on Wednesday, compared to 267.18 million shares on Tuesday. Turnover stood at AED 315.83 million, compared to AED 322.37 million.

Closure of oil prices above $50 per barrel affected the investors’ sentiment, capital market analyst Gamal Abdel Hamid told Mubasher.

Some portfolio investors tended to increase their position in Drake and Scull International (DSI) after it denied the appointment of any legal advisor regarding bringing in a strategic investor or issuance of mandatory convertible bonds, Abdel Hamid noted, adding that the company’s stock advanced 1.03%

Translated by: Julian Nabil