Dubai: Ignoring a 6 per cent fall in crude oil in late trade on Monday, Dubai’s main stock market index edged lower on Tuesday, consolidating in recent ranges, with Amlak taking a lion’s share of trading in Ramadan season.

The Dubai Financial Market General Index ended 0.36 per cent lower at 4,041.39, after moving in the range of 4,031.46-4,075.67.

“If Dubai index consolidates around 4,000 levels for a long time, it would be very negative and it would considered as high risk,” said Osama Al Ashri, member of British organisation, Society of Technical Analysts.

“So, if the index is not able to breach the resistance of 4,179, we might see further declines to 3,739,” Al Ahsri said.

Amlak shares dominated trade yet again, contributing Dh264 million in volumes compared to a total trade of more than Dh600 million. Amlak Finance ended 0.75 per cent higher at Dh2.67.

“Amlak has an important resistance at around Dh2.79, it must breach this resistance level to record new high above Dh3, trading in this area is a high risk proposition as it is overbought on short, medium, and long term charts,” Al Ashri said.

Among other stocks, Emaar Properties ended 0.90 per cent lower at Dh7.70. Gulf Finance House ended 1.66 per cent lower at Dh0.713.

“Arabtec is still in uptrend on medium and long term chart, and it might test support level of Dh2.37 by next few weeks,” Al Ashri said, adding Emaar Properties may fall more to hit the support level of Dh7.13.

Out of a total of 33 stocks traded on the exchange, shares of 19 firms fell, while shares of 8 companies rose.

The Abu Dhabi Securities Exchange General Index ended more than half a per cent lower at 4,724.54.

“ADX general index is currently trading near its highest level in 2015. We might see further support and the index might hit the resistance 4,807, he added.

Out of a total of 23 stocks traded on the exchange, shares of 12 firms fell, while another 6 of them rose.

Saudi index

“The Tasi [Tadawul All Share Index] may go down again to test support level below 9,000 before recovering to record a new high,” Al Ashri said.

On Tuesday, Saudi’s Tadawul index ended 0.54 per cent lower at 9,081.73.

“Saudi Basic Industries may hit support level of Dh85.75 by this month,” Al Ashri said.

SABIC ended 1.90 per cent lower at 94 Saudi Riyal, while Alinma Bank ended 0.74 per cent lower at 22.65 Saudi Riyals.

Elsewhere in the Gulf, Qatar exchange index ended 0.26 per cent lower at 11,936.13, while Muscat Securities MSM 30 index ended 0.10 per cent lower at 6,428.46.

Kuwait Stock Exchange ended 0.32 per cent lower at 6,147.40.