Dubai – Mubasher: The Dubai Financial Market (DFM) closed in the red on Wednesday, pressured by the real estate sector.

The general index lost 0.62% or 22.53 points to 3,632.54 points.

The DFM dropped considerably for the second successive session weighed by heavyweight blue chips, vice president of Investment Research at KAMCO Raed Diab told Mubasher.

The decline in the market is still healthy for the time being owing to profit-taking after several stocks saw major increases lately, he added.

The general index was affected by the real estate sector, which shed 1.01% after Union Properties (UP), Deyaar, Emaar, DAMAC Properties, and Arabtec Holding lost 1.64%, 1.38%, 1.23%, 1.05%, and 0.34%, respectively.

The trading volume was 86.6 million shares, generating AED 162.6 million, through 1,951 transactions.

GFH Group’s stock led trading volume with 13.4 million shares, while Emaar’s topped the market in terms of trading value with AED 52.4 million.

Investors are closely keeping their eye on the third quarter’s results set to start next month, which are forecasted to be positive, Diab concluded.