The Dubai Financial Market (DFM) index fell again on Tuesday, though marginally, as profit-taking by investors cashing in on the market’s recent gains continued. Overall, the market index is nudging upwards, helped by some strong second quarter corporate earnings, although the downside risks remain as the economies in Europe and the US are slowing.
The volume of trade on the Dubai market fell compared to the first two days this week due to the absence of a catalyst and lack of investor interest due to Ramadan. The DFM index closed at 1,556.79, down 0.15 per cent. Around 60.92 million shares, cumulatively worth about Dh80.86 million were traded on the stock market.
Analysts say the market is well poised for a sustained rally if the global macro-economic indicators take a turn for the better and the US Federal Reserve announces a third round of quantitative easing to shore up a flagging domestic economy and the European Central bank comes out with its own quantitative easing.
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