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Dubai stocks fell sharply on Monday as investors booked profits, expecting volatility in the days ahead of the Expo 2020 announcement.
The DFM General Index plunged 2.78 per cent, the most in more than two months, to close at 2822.71. The decline was across all sectors, including real estate, construction and financials. Of the 32 stocks traded, 27 retreated, three gained and two remained unchanged. The Index is still up 74 per cent for the year and is one of the five top performing markets globally.
?It?s mostly profit taking, which have impacted the market today,? said Sebastien Henin, portfolio manager at The National Investor, Abu Dhabi. ?The market is still one of the best world performers after this correction. We should expect more volatility towards the end of the month, just before the Expo 2020 announcement. The market uptrend is still intact.?
Other analysts echoed the same view.
With no fundamental change in the picture, investors were trying to book profits at current levels, said Tariq Qaqish, head of asset management at Al Mal Capital.
?The DFM declined without the presence of any immediate driver or catalyst,? said Amer Khan, director at Shuaa Asset Management, ?perhaps pointing to retail profit booking. For a market sitting on year to date gains of this size, a breather or correction is only healthy.?