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Blue chips weigh on DFMGI Wednesday

Blue chips weigh on DFMGI Wednesday
The DFM’s trading volume shrank to 114.8 million shares

By: Mahmoud Gamal

Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index lost 43.58 points, or 1.39%, to close at 3,087.75 points on Wednesday, pressured by blue chips.

The DFM saw a strong profit-taking trend on blue chips, especially Emaar Properties, Dubai Islamic Bank (DIB), Dubai Investments, and Damac Properties, technical analyst Gamal Abdul Hamid told Mubasher.

The market is expected to recover on Thursday, given the growth of liquidity, Abdul Hamid added.

The real estate shed 2.2% after Emaar Properties tumbled 3.6% to AED 5.46, while the consumer staples sector sank 2.16%, as Marka dropped 6.45% to AED 0.319.

The banks sector declined 1.16% after DIB fell 1.7% to AED 5.55, while the investment sector decreased by 0.86%, as Dubai Investments shed 0.96% to AED 2.06.

On the other hand, the telecommunication sector and its only stock, du, added 0.2% each.

The DFM’s trading volume shrank to 114.8 million shares from 149.33 million on Tuesday, while the market’s liquidity soared to AED 255.25 million versus AED 150.22 million in the previous session.

Emaar Properties topped the DFM in terms of both volume and liquidity, with 19.5 million shares and a turnover of AED 110.16 million.

 

Translated by: Muhammad Khalid