Dubai Financial Market stocks down in trading, third straight day

Dubai Financial Market stocks down in trading, third straight day

Profit taking sell offs erase modest gains by close of trade.

June 29, 2010 9:50 by Rasha Reslan

Dubai Financial Market, DFM, stocks fell in trading yesterday, for the third straight day, as the index lost more than 1 percent, amid selling pressure on leading active stocks, Emirates Business reported Tuesday.

Profit taking and weak turnover characterized trading, the report said, as real estate stocks witnessed the steepest declines in share prices, down 2.2 percent. Banking sector stocks faired best in trades, losing a modest 0.65 percent.

As leading active stocks saw gains in share prices, selling pressure was evident. Emaar share prices advanced to AED 3.29 in the first half of the session, but profit taking sell offs saw the share price decline to AED 3.20,losing all gains by the close of trade. Emaar trading dominated market trading, at nearly 45 percent of the total trade value, Emirates Business said.

“All other active stocks, including Deyaar, Arabtec, DFM and DSI, retreated amid selling pressure by the end of the session,” the report added.