Business | Markets

Abu Dhabi remains in bear territory while Dubai gains

Dubai Financial Market gained marginally by 0.39 per cent while Abu Dhabi Securities Market lost 1.06 per cent in slim trading on Monday.

  • By Nadia Saleem, Staff Reporter
  • Published: 23:41 January 11, 2009
  • Gulf News

Dubai: Dubai Financial Market gained marginally by 0.39 per cent while Abu Dhabi Securities Market lost 1.06 per cent in slim trading on Monday.

The benchmark Dubai index rose to 1,735.70 points while Abu Dhabi fell to 2,500.58.

"It's a range movement we are witnessing for this week.

"They [markets] will continue to do so for the first quarter of this year at least," said Shiv Prakash, equity investment analyst - technical, at MAC Capital Advisors.

"We have seen a rebound in the banking sector but the moving average and the channel resistances are very much closed, so we are on the resistance again for the sector," Prakash said.

He added that a sharp rise in the sector is not expected as near-term defaults will hit the banks from the property sector.

Emaar fell to Dh2.30 before recovering to the previous closing level of Dh2.41, while Arabtec shed 5.39 per cent to Dh1.93.

Abu Dhabi Exchange was bearish and there was no late recovery with Aldar and Sorouh facing profit-booking.

Aldar, after making a high of Dh4.46 fell to Dh4.15 before closing 3.15 per cent down at Dh4.17.

Sorouh, which faced resistance at Dh4.20 in previous sessions, fell on profit-booking to Dh3.70.

"2100-2200 is the near-term corrective rally [target] that we are witnessing if we break above 1,800, and that will continue," Prakash added.

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