Dubai Financial Market (DFM) all but wiped out Tuesday’s gains with the benchmark DFM General Index declining by 14.56 points, or 0.95 per cent, in Wednesday’s trading.
Stocks looked for direction as volumes sharply dipped below the 43 million mark, from Tuesday’s 80 million.
Except the utilities sector, all sectors led by banking, financial, insurance, real estate and transportation ended in the red.
The market reached to a low of 1,508.95 during intra-day session before closing at 1,513.06.
Among the gainers included Global Investment House (rising by 14.68 per cent), Gulf Navigation (up 0.61 per cent), Tabreed (up 1.08 per cent), Dubai Investments (up 0.59 per cent) and Al Salam Bank Sudan (up 7.36 per cent).
Market breadth was negative on DFM with five advances against 19 declines.
Abu Dhabi Securities Exchange (ADX) also slipped 1.41 points to close at 2,535.48. Construction, banking, and energy pulled the market up while insurance, consumer, real estate and healthcare sectors led the decline.
Total volume was nearly 70 million at the close of the trading session. Out of the 27 traded companies, six posted gains, 13 declined while eight remained unchanged.
Year-to-date, ADX index has declined by about 7.5 per cent.