By: Mahmoud Gamal

Dubai - Mubasher: The Dubai Financial Market (DFM) closed Sunday in the red, marking its third successive drop, while the trading value decreased to its lowest level in September owing to quick speculations.

The DFMGI tumbled 0.9% or 32.22 points to 3,600.32.

Trading value shrunk to AED 116.86 million on Sunday from AED 162.6 million in the previous session, while trading volume decreased to 59.63 million shares from 86.6 million shares.

The consumer staples sector led losers, falling 2.26% after DXB Entertainments shed 2.4%.

The DFM is still testing important levels under the ascending channel, which it had started earlier in 2017 and which it cannot exceed in the light of the decrease in trading value, CEO of Mindcraft Consultant Fadi Al Ghattis said

The Dubai market is likely to rebound once more if it succeeds in passing 3,610 points, Al Ghattis added.

The telecommunications sector and its stock du lost 1.8% each, while the investment sector retreated 1.16% after DFM Company and Dubai Investments dropped 0.8% each.

The real estate sector fell 0.85% on back of Emaar Properties’ 1.6% decline, while the banks sector lost 0.7% after Dubai Islamic Bank (DIB) slipped 0.5%.

Breaking below  3,600 points will result in the benchmark exiting the ascending channel and continuing decent towards 3,570 points, the analyst concluded.