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DFM closes Monday in red

DFM closes Monday in red
Traders at Dubai's bourse (Photo credit: Arabianeye - Reuters)

By: Mahmoud Gamal 

Dubai – Mubasher: The Dubai Financial Market (DFM) saw a negative performance on Monday, erasing its early gains due to sales of blue chips especially in the investment sector.

The DFMGI fell 0.26% or 9.5 points to reach 3,707.45 points.

The UAE markets saw profit-taking after the successive rises of blue chips in the past sessions, capital market analyst Gamal Abdel Hamid told Mubasher.

The investment sector tumbled 1.7% as SHUAA Capital, Al Madina for Finance and Investment, International Financial Advisors (IFA) and Dubai Investments slid 9.8%, 7.7%, 5.8% and 1.6% respectively.

The insurance sector declined 0.63% as Dubai Islamic Insurance and Reinsurance Co. (AMAN) retreated 4.7%.

The transportation sector decreased 0.36% after Air Arabia levelled down 0.72%. The banks sector slid 0.11% due to a decline in Dubai Islamic Bank (DIB) by 0.3%.

Trading volume reached 1.24 billion shares on Monday, compared to 971.2 million shares on Sunday. Turnover amounted to AED 1.67 billion, compared to AED 1.25 billion.

Despite the market’s decline on Monday, there was an active trading on small-cap stocks topped by Aramex and Gulf General Cooperative Insurance which added 0.24% and 0.2% respectively.

Stability of the DFMGI above 3,700 points will enable it to return to the uptrend, Abdel Hamid added.

Portfolio investors will continue to increase their positions in small- and mid-cap stocks next week, especially with the approach of annual financials, the analyst concluded.

Translated by: Julian Nabil