Dubai: Traded value on Dubai bourse tumbled more than half on Sunday to hit its lowest level in three weeks as lack of catalysts drove traders on the sidelines even as some took it as an opportunity to take profits after a run-up.

Traded value on Dubai Financial Market tumbled to Dh238 million on Sunday, a level last seen on July 3, more than half compared to Dh573 million on Thursday.

“UAE markets traded dull amid lower volumes due to lack of cues, with lower crude on Friday impacting sentiments,” Shiv Prakash, senior analyst, National Bank of Abu Dhabi Securities told Gulf News over email. The Dubai index finally closed 0.76 per cent lower at 3,517.38. Short-term support is pegged at 3,516/3,480, Prakash said.

The Abu Dhabi Securities Exchange General Index closed 0.48 per cent lower at 4,567.65. Currently, a break above 4,650 long term top would be needed to set higher targets, Menacorp said in a note.

In other markets in the Gulf, Tadawul index closed 0.98 per cent at 6,536.33, while Qatar exchange index closed 0.46 per ENT lower at 10,485.56. Muscat Securities Exchange 30 index closed 0.02 per cent higher at 5,818.14. Kuwait Stock Exchange index closed 0.06 per cent higher at 5,394.57. Bahrain exchange index closed steady at 1,160.75.

Outperformance:

Dubai Parks and Resorts, which was the most-active stock in trade, hit a record high. Dubai Parks closed 1.20 per cent higher at Dh1.68, after hitting a peak at Dh1.71. The stock had gained 5 per cent in the previous two sessions. The stock has outperformed in 2016 and has gained 57 per cent so far in the year compared to an 8 per cent gains in Dubai index.

Even on the broader market, Talal Touqan, Head of Research and Advisory at Al Ramz Capital remained positive.

“We expect investor confidence to remain positive in the near term. However, the recent dip in crude prices could likely see a negative knee-jerk reaction in the markets,” Touqan said.

In Dubai, Emaar Properties fell 2.4 per cent to end at Dh6.85. “Emaar formed a bearish pattern on the Daily chart, and witnessed profit taking from its Thursday’s high of Dh7.08. Renewed buying activity can again be seen from the lower support levels of Dh6.82/6.63 in the near term,” Prakash said.

Arabtec closed 1.97 per cent lower at Dh1.49. Al Salam Group Holding closed slightly lower at Dh7.49. Out of a total of 34 stocks traded on the exchange, share SOF 24 firms fell, while other 5 rose. The rest remained steady.

In Abu Dhabi, Eshraq Properties fell 1 per cent to be at Dh0.74. Dana Gas closed 1.69 per cent lower at Dh0.58. Out of a total 29 stocks traded on the bourse, shares of 16 firms fell, while other 8 rose.