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DFM ends Tuesday lower on real estate, investment sectors

DFM ends Tuesday lower on real estate, investment sectors
Trading volume rose to 381.16 million shares today - Photo Credit: Reuters

By Mahmoud Gamal

Dubai – Mubasher: The Dubai Financial Market (DFM) finished the mid-week trading session in the red territory, battered by the real estate and investment sectors.

The general index declined 26.40 points, 0.8%, to close at 3,466.65 points.

The consumer staples sector headed the losers on Dubai Parks after both registered a 1.2% slide.

The real estate sector fell by 1.18%, affected by Arabtec and Emaar that slipped by 1.4% and 0.84%, respectively.

The investment sector closed the session lower 1.07% as Dubai Investments recorded a 0.9% decline.

The banking sector was dragged lower by Dubai Islamic Bank (-0.7%) to end the session 0.5% down.

Solely in the green zone, the services sector came with a rise of 1.34%, backed by Tabreed's gains (+4.2%).

Trading volume rose to 381.16 million shares today from 322.65 million shares a session earlier, while market liquidity reached AED 430.0 million compared with AED 329.47 million yesterday.

In spite of the decline, the market is still moving inside a positive channel and waiting for real stimuli to attract more buying powers, said market analyst Raa'd Diab.

The main index is presently enhanced at a strong support area extending from 3,430 to 3,380 points, while its first resistance is at 3,550 points, Diab added.

To confirm spectacular rises over the coming sessions, the main index is still required to hold above 3,625 points, the analyst concluded.