30/11/2015 07:39 AST
Dubai and Abu Dhabi indexes edged lower on Sunday as falling crude oil weighed on sentiment ahead of a truncated week.
On Friday, oil pared its first weekly gain in a month on signs the global surplus will expand and as the dollar increased, reducing demand for commodities as an investment.
The Dubai Financial Market General Index closed at 3,193.13, down 0.34 per cent, Dubai index hit the level of 3,125, its lowest level in the year on November 15.
“Traders may remain reluctant to re-enter the stock markets this week due to the coming long holidays. Nonetheless, we believe that dips due to technical aspects may present very good entry points for value investors to grab as DFMGI approaches a strong support of around 3180,” said Talal Touqan, head of research and advisory at Al Ramz Capital.
Emaar Properties may hit a new low of Dh5.29 by next month, said Osama Al Ashri, member of British organisation, Society of Technical Analysts.
Emaar Properties closed 1.02 per cent lower at Dh5.83, while Arabtec ended 5.31 per cent lower at Dh1.07.
Arabtec may hit a new low of Dh0.78 by next month, said Al Ashri, adding Emirates NBD may hit a target of Dh7.67 by next month.
Emirates NBD closed steady at Dh8.20.
Amlak may hit the support level of Dh1.19 by next month, said Al Ashri, adding Gulf Finance House may hit resistance level of Dh0.65.
Amlak Finance ended 2.84 per cent lower at Dh1.37, while Gulf Finance House closed 0.74 per cent lower at Dh0.41
New low
The Abu Dhabi Securities Exchange General Index closed 1.12 per cent lower at 4,172.74.
Abu Dhabi index may record new low of 3,934 by next month and may recover after that, said Al Ashri.
Abu Dhabi Commercial Bank (ADCB) may consolidate in the range of Dh6.1-6.8, said Al Ashri, adding Dana Gas may conosolidate in the range of Dh0.45-0.57.
ADCB ended 0.05 per cent lower at Dh 6.45. Dana Gas ended more than 14 per cent higher at Dh 0.47.
First Gulf Bank may hit a new target of Dh10.7 by next quarter, he added.
First Gulf Bank ended 0.82 per cent lower at Dh12.15.
Etisalat may go down to Dh13.67 next month and may recover after that, Al Ashri said.
Etisalat ended 0.40 per cent higher at Dh15.00, while National Bank of Abu Dhabi ended half a per cent lower at Dh8.13.
Elsewhere in the Gulf, Qatar Exchange index closed 0.30 per cent higher at 10,553.46. Qatar Exchange index may hit a new low of 29770 by next quarter, said Al Ashri.
In Saudi Arabia, Saudi Basic Industries closed 0.45 per cent higher at Dh90.14.
“If Saudi Basic Industries breaches resistance level of 95.75, it may hit a new high to be at resistance level of Dh102.25,” said Al Ashri.
Muscat Securities MSM 30 index closed 0.44 per cent lower at 5,643.29. Kuwait Stock Exchange index closed 0.20 per cent higher at 5,806.49.
Factbox: Dubai index seen below 3,000 levels by December
Dubai index may likely hit sub keenly-watched 3,000 level by December, a technical analyst said on Sunday.
“We might see strong support for Dubai index at 3,069. If this support is breached, Dubai index may fall to 2,780 by December,” said Osama Al Ashri, member of British organisation, Society of Technical Analysts.
Saudi Arabia’s Tadawul index closed 0.18 per cent higher at 7,251.64.
Saudi’s Tadawul index may go down to 6,780, Al Ashri added.
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