13/05/2015 01:20 AST
Dubai index extended losses for another session on Tuesday weighed by weak results from Union Properties even as investors awaited results from other construction majors.
The Dubai Financial Market General Index ended 0.38 per cent lower at 4,056.32, after losing nearly 2 per cent in the previous session.
“A dip below 4,000 wouldn’t my outlook for Dubai index. We are still awaiting it to hit resistance level of above 4,500,” said Osama Al Ashri, member of British organisation, Society of Technical Analysts.
Union Properties extended losses for another session, ending 3.31 per cent lower at Dh1.17, while Arabtec ended 1.54 per cent lower at Dh2.55.
Union Properties may rebound on Wednesday and may hit the resistance level of Dh1.5 in the next few weeks, Al Ashri said, adding “Arabtec may consolidate in the range of Dh2.4-2.7.”
Gulf Finance House, however, ended 1.86 per cent higher at Dh0.822, making it the most active stock in terms of value in trade.
“GFH is the new Arabtec for traders in terms of volumes traded. GFH may hit new resistance level of Dh0.94/1 this month,” Al Ashri said.
Out of a total of 33 shares traded on the exchange, shares of 17 companies fell, while shares of 14 fell.
The Abu Dhabi Securities Exchange General Index ended 0.14 per cent higher at 4,594.19. The index may hit a new target of 4,781 within a few weeks, Al Ashri said.
Arkan Building Materials ended 6.36 per cent lower at Dh1.03, while Abu Dhabi Ship Building Co ended more than 14 per cent higher at Dh2.18. Out of a total of 30 companies traded on the exchange, shares of 13 companies rose, while shares of 10 companies fell.
Tadawul ends flat:
Saudi’s Tadawul index ended nearly half a per cent higher helped by positive sentiment in crude.
The Tadawul All Share TASI index ended 0.46 per cent higher at 9,627.41.
“Tadawul may hit a new resistance level of 10,217 this month,” Al Ashri said.
Brent crude futures rose on Tuesday as unrest in Yemen and a weaker dollar helped lift prices despite worries of a supply glut after Saudi Arabia reported strong production for April and Goldman Sachs warned of further oil price declines.
Saudi Basic Industries ended 1.33 per cent higher at 103 Saudi Riyals. SABIC may hit new resistance at Dh1.20 in the next few weeks, Al Ashri said.
Newly listed SACO was the top gainer, surging its daily 10 per cent limit. Elsewhere in the Gulf, Qatar Exchange Index ended 0.24 per cent lower at 12,250.21, while Muscat Securities MSM 30 index ended 0.14 per cent higher at 6,322.59.
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