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The Dubai index breached the critical support level of 3,618 on Sunday, triggering selling in select shares, but analysts feel that more downside may be seen in coming weeks.
The Dubai Financial Market (DFM) General Index closed 0.89 per cent lower at 3,600.32. The index has been trading sideways since the past few weeks, but the gauge opened lower on Sunday, and continued extending losses with a bearish mood throughout the session.
“For the market to break over the near term resistances, we need volumes to grow which the market lacks at the moment,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities in a note.
Emaar Properties closed 1.59 per cent lower at Dh8.66. The only hope for traders is Emaar Properties, which is planning to sell 30 per cent stake in a development unit through an initial public offering, the proceeds of which it plans to distribute among its shareholders as dividends.
“If Emaar Properties recovers, market may gain ground, and may recover back to its previous high,” said an analyst who wished not to be named. Emaar Properties has more than 20 per cent weightage on Dubai index.
Amlak Finance closed steady at Dh1.06.
“Amlak may test the previous lows at Dh1.04/0.99 in the near term. Traders may look to sell and buy it back from the lower support zone,” said Prakash.
Union Properties closed 1.19 per cent lower at Dh0.89.
“UPP close to its Dh0.80, stock continued its sell off on Thursday and could extend that in coming sessions. With current low volumes DFM would be a stock to short, the third quarter numbers are expected to be lower than the second quarter and it has already broken its support at Dh1.14,” said Hisham Khairy, head of institutional trading at Menacorp. DFM closed at Dh1.12, down 0.88 per cent.
Dana Gas closed lower ahead of the start of proceedings in a London court regarding its outlawed sukuk. Dana Gas closed 5.13 per cent lower at Dh0.74. Aldar Properties closed 2.17 per cent lower at Dh2.25. Rak Properties closed 1.39 per cent lower at Dh0.71. The Abu Dhabi Securities Exchange general index closed 0.33 per cent lower at 4,440.25. “Traders may look to trade selectively on Abu Dhabi index. The index is moving in sideways to down trend. The immediate resistance is at 4,505 level and support zone is at 4,420 level,” said Prakash.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index was 0.09 per cent higher at 7,326.32. The Qatar exchange index closed 0.42 per cent higher at 8,395.52.
The MSM30 index ended lower on Wednesday and closed at 4,485.06 points, down by 0.24 per cent. MSM Sharia Index closed at 622.01 points, down by 0.06 per cent. Bank Muscat was the most active in term
Times of Oman
Trade values dwindled on the UAE’s stock markets, with the main indices ending nearly flat on Wednesday amid a lack of catalysts to drive any strong trading activity.
The Dubai Financial Ma
Kuwait stocks slipped into red on Wednesday extending the losses to third straight session. The All Shares Index dropped 10.78 points in choppy session to 5118.62 points dragged by heavyweights even
The MSM30 index ended lower on Tuesday and closed at 4,495.69 points, down by 0.45 per cent. MSM Sharia Index closed at 622.37 points, down by 0.03 per cent. Bank Muscat was the most active in terms
Times of Oman
The UAE’s main stocks indices ended lower on Tuesday, albeit marginally, as sentiment remained sour amid concerns about emerging market stocks and currencies as well as trade tariffs.