Dubai: Abu Dhabi and Dubai indices continued its southward journey on Wednesday weighed by weak oil prices, though Saudi’s main index stabilised after a 3 per cent fall on Wednesday.
The Dubai Financial Market General Index closed 0.89 per cent lower at 3,486.80, after moving in a tight range of 3,476.63-3,526.69.
“Retail investors are distorted to whether what the market will react to more; either the index respect the support and rebound, or international markets trading lower and oil continuing its decline will take the market to a new low,” Ahmad Waheed, vice president — institutional desk, MENACORP said in a note.
Dubai Islamic Bank closed 1.08 per cent lower at Dh6.41, while Emaar Properties closed 0.78 per cent lower at Dh6.40.
The daily chart has confirmed the upwards break of Dh6.85 signalling a daily trend reversal and a shift in the medium term outlook to bullish, said MENACORP in the note.
Arabtec closed 1.20 per cent lower at Dh1.64. Shares of DFM ended 3.33 per cent lower at Dh1.45, while DAMAC ends 1.63 per cent lower at Dh3.01.
“Long term traders should remain on the side at this time and patiently wait for bullish reversal signs before attempting any new long positions on DFM shares. Medium term bearish momentum has returned warning towards a retest of the Dh1.40 level,” said the MENACORP note.
Out of a total of 32 stocks traded on the exchange, shares of 21 firms fell, while 8 other firms rose.
The Abu Dhabi Securities Market General Index closed 1.58 per cent lower at 4,321.91.
“Short term bearish patterns have cancelled an immediate continuation on Abu Dhabi index until reversal formations can signal towards a strong support level to contain the downwards pressure,” said MENACORP in a note.
Aldar Properties closed 1.8 per cent lower at Dh2.25, while Etisalat ended nearly 1 per cent lower at Dh15 after the company’s net profit fell nearly 9 per cent in the third quarter.
First Gulf Bank ended 3.85 per cent lower at Dh12.50, while Eshraq ended 1.59 per cent lower at Dh0.62.
Out of a total of 24 stocks traded on the ADX, shares of 15 companies fell, while 3 others fell.
Saudi stabilises:
Saudi Arabia’s TASI index witnessed stability after losing more than 3 per cent in the previous session.
The Saudi Arabia TASI index closed 0.29 per cent higher at 7,118.42, after losing more than 3 per cent in the previous session.
Elsewhere in the Gulf, Qatar Exchange index closed 0.61 per cent lower at 11,643.61, while Muscat Securities MSM 30 index closed 0.08 per cent lower at 5,933.26.
