24/09/2017 20:43 AST

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.



Trend

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.


Gulf News

Ticker Price Volume
QNBK 123.29 21,021
SABIC 98.36 2,678,948
PETRORABIGH 13.62 1,724,546
DARALARKAN 6.91 23,025,622
KINGDOM 10.18 49,926
WALAA 28.48 318,680
STC 68.60 268,047

ADX 4,505.31 3.26 (0.07%)

Market
Dividend Yield (%)
P/E
Price/BookValue
Performance
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Index vs...
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
ADIB 3.81 -0.01 (-0.27%)
FAB 10.45 0.00 (0.00%)
ADCB 7.40 0.01 (0.13%)
CBI 0.82 0.00 (0.00%)
FGB 0.00 0.00 (0.00%)

DFM 3,672.77 27.33 (0.75%)

Market
Dividend Yield (%)
P/E
Price/BookValue
Performance
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Index vs...
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
EMAAR 8.75 0.06 (0.69%)
EMIRATESNBD 8.20 -0.10 (-1.21%)
EMAARMALLS 2.31 0.02 (0.87%)
EIB 7.50 0.00 (0.00%)
DU 5.40 0.05 (0.93%)
Abu Dhabi's launch of short-selling set to attract big investors

19/10/2017

The introduction of technical short-selling in Abu Dhabi Securities Exchange (ADX) will help to attract more institutional investors, boost liquidity and bring the market more in line with internatio

The National

Banks boost Saudi on Riyad earnings, Dubai's DSI jumps

19/10/2017

Banks led the Saudi Arabian stock market higher on Thursday after Riyad Bank reported better-than-expected earnings for the third quarter, while builder Drake & Scull jumped in Dubai.

Riya

Reuters

Nasdaq Dubai welcomes listing of USD 200 million bond

19/10/2017

Nasdaq Dubai welcomed today’s listing of a 200 million US dollar bond by Investment Corporation of Dubai (ICD) on the region’s international stock exchange.

The issuance was made under IC

Media Office, Dubai Government

UAE can become listings hub for Middle East and Africa

19/10/2017

The UAE can become the listings and equities trading hub for the Middle East by "aggressively" reaching out to entice companies in other territories, particularly in Africa, to list on the country's

The National

Major listed firms in Oman register better-than-expected financial res

19/10/2017

Companies listed on the Muscat Securities Market (MSM) have posted ‘better than expected’ financial results for the first nine months of 2017, according to stock market analysts.

Although

Times of Oman