By: Mahmoud Gamal

Dubai – Mubasher: The Dubai Financial Market (DFM) continued its negative performance on Monday, weighed down by profit-taking amid anticipation of new catalysts, an analyst told Mubasher.

The general index retreated 0.56% or 20.26 points to reach 3,595.13 points.

Investors continue to resort to profit-taking as the main index is passing through a correction phase following successive bullish sessions seen in the past period, according to Fady Al Ghattis, CEO of Topsy Turvy.

The main index is technically able to approach 3,590 points, he noted.

The market’s current performance is normal after the end of financial disclosures, Al Ghattis said.

The consumer staples sector fell 1.65% as Marka and DXB Entertainments slid 2.14% and 1.6%, respectively.

The investment sector tumbled 0.8% after Dubai Investments decreased 1.26%. The real estate sector went down 0.67% as Union Properties (UP) and Emaar Properties fell 2% and 1.8%, respectively.

On the other hand, the insurance sector was the only gainer with a 1.4% rise as Islamic Arab Insurance Company (Salama) and Dubai Islamic Insurance and Reinsurance Co (AMAN) gained 2.8% and 1.08%, respectively.

The market will resume its uptrend if the main index stabilises above 3,620 points, Al Ghattis said.

Trading volume reached 173 million shares on Monday, compared to 233.6 million shares on Sunday. Turnover amounted to AED 218.8 million, compared to AED 282.09 million.

Translated by: Julian Nabil