18/05/2015 04:27 AST
The Abu Dhabi index snapped a five-day winning streak falling nearly a per cent lower amid lower volumes. Saudi’s Tadawul index, however, ended higher.
Abu Dhabi Securities Exchange General Index closed 0.98 per cent lower at 4,584.48, after gaining 3.6 per cent in the previous five sessions.
“After a week of solid gains, there was some foreign-induced selling,” said Mohammad Shabbir, head of equity funds and portfolios at Rasmala Investment Bank. Volumes declined by more than a half to Dh142 million.
The index may recover later, analysts added.
“I don’t see any risk for Abu Dhabi index as long it stays above 4,500. [The] Abu Dhabi index may recover and hit a resistance level of 4,779 later this month,” Osama Al Ashri, member of British organisation, Society of Technical Analysts, said.
Waha Capital ended 1.92 per cent lower at Dh2.55 even as it reported a rise in net profit to Dh182.2 million for the three months ended March.
“If Waha Capital breaches the support level of Dh2.37, we may see further downside,” Al Ashri said, adding First Gulf Bank may witness strong resistance at Dh15.8, but may witness correction this week.
First Gulf Bank ended 1.05 per cent lower at Dh15.05.
The Dubai Financial Market General Index ended 0.14 per cent lower at 4,067.02. Gulf Finance House ended 3.05 per cent lower at Dh0.794, making it the most active stock on the exchange.
Gulf Finance House may hit a resistance level of Dh0.94 by this month, Al Ashri said.
Emaar Properties ended at steady at Dh7.86.
“Emaar Properties may witness consolidation with a strong support at Dh7.44,” Al Ashri said.
‘Wait and see’ attitude
According to Shabbir, “for the rest of the week, it would be more of a watch and see,” Shabbir said.
Saudi’s Tadawul All share TASI Index ended 0.85 per cent higher at 9,814.65. Saudi’s TASI index may hit resistance level of 10,200 this week, Al Ashri said.
Saudi Basic Industries Corp ended 0.79 per cent higher at 108.50 Saudi riyals.
Sabic may hit resistance level of 120 riyals,Al Ashri said, adding that Saudi Telecom may hit a resistance level of 75.5 riyals.
Alinma Bank ended 0.29 per cent higher at 24.25 riyals.
Elsewhere in the Gulf, Qatar Exchange Index closed 0.19 per cent higher at 12,540, while Kuwait Stock Exchange Index ended 0.11 per cent higher at 6,364.09.
The Bahrain Bourse All Share index ended 0.42 per cent lower at 1,386.02.
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