Dubai: The Dubai index fell for a third session in a row on Tuesday, extending losses from its highest level in a week. The Abu Dhabi index, however, ended higher.

The Dubai Financial Market General Index ended 0.83 per cent lower at 3,757.50, after falling 1.1 per cent in the previous two sessions from a one week high struck on February 25. Volumes were at Dh400 million, lower by more than a half from average volumes per day.

Arabtec extended losses for a second day, and ended 0.67 per cent lower at Dh2.95. Union Properties ended 3.81 per cent lower at Dh1.01. Emaar Properties, which was the most-active stock in trade, ended 0.13 per cent higher at Dh7.45.

“Short term traders are testing the support levels below 3,800. People think that this might go lower,” said Sanyalaksna Manibhandu, Manager of Research, National Bank of Abu Dhabi Securities. “People are looking at technicals as fundamentals have not done anything in the market in the past 4-5 weeks,”

Dubai Parks and Resorts jumped 3.94 per cent to end at Dh0.738 after the company said it will be signing off on project contracts totalling a substantial Dh7.5 billion this year to add to the around Dh5 billion it did in 2014.

Ekttitab Holding ended 3.85 per cent higher at Dh0.54.

The Abu Dhabi Securities Exchange General Index ended 0.22 per cent higher at 4,678.91.

Gulf Cement ended 8.26 per cent higher at Dh1.18, while Green Crescent Insurance ended 4.55 per cent higher at Dh0.69, after it swung to profits in 2014. Sharjah Islamic Bank ended 4.40 per cent higher at Dh1.90.

Union National Bank ended 2.76 per cent higher at Dh5.96. First Gulf Bank, which gained 1.41 per cent to end at Dh18, was the most active stock in trade in terms of value.

“There was some buying in FGB today as the stock is going ex-dividend on Tuesday. The dividend rally may turn out to be a brief one and more close to the stock going ex-dividend,” said Manibhandu.

Saudi index jumps

“Most of the money funds are flowing to Saudi Arabia. Just as we saw last year we saw funds flow to Qatar and DFM,” said Manibhandu.

Saudi’s Tadawul All Share Index (Tasi) was 0.86 per cent higher at 9,469.99 after strong economic data.

Growth in Saudi Arabia’s non-oil private sector accelerated to a four-month high in February as lavish handouts to citizens by the new king buoyed the economy despite the plunge in oil prices, the SABB HSBC purchasing managers’ index showed.

Alinma Bank, which will pay a dividend of 0.5 riyal per share next week, was more than 2 per cent higher at 24.10 Saudi Riyals.

Saudi Basic Industries Corp was 0.58 per cent higher at 92.5 Saudi riyals.