By: Mahmoud Gamal

Dubai – Mubasher: The Dubai Financial Market (DFM) suffered losses on Thursday due to profit-taking on blue chip stocks and the volatile performance of US stocks.

The general index fell 0.33% or 12.17 points to reach 3,633.91 points.

Dubai’s bourse saw a volatile performance as a result of profit-taking, especially on banks and real estate stocks, technical analyst Mohamed Ismail told Mubasher.

The transportation sector led losers with a 1.38% decline as Aramex went down 2.5%. The banks sector also fell 0.4% as Dubai Islamic Bank (DIB) sank 0.8%.

The real estate sector decreased 0.28% after Arabtec Holding and Emaar Properties slid 1.14% and 0.13%, respectively.

Some portfolio investors tended to decrease their positions in blue chips, amid fears over losses posted by some companies, Ismail added.

On the other hand, the services sector rose 1.25% as the National Central Cooling Company (Tabreed) advanced 2.14%.

Trading volume reached 348.64 million shares on Thursday, compared to 626.07 million on Wednesday. Turnover amounted to AED 442.21 million, compared to AED 742.56 million.

The main index may decline below 3,600 points if it falls below current levels, the analyst noted.

Translated by: Julian Nabil