Dubai: UAE indices joined the global sell-off on Sunday, with the Dubai index falling more than 1 per cent at one point shortly after markets opened.
The Dubai Financial Market (DFM) opened on the back foot on Sunday, pressured by Damac, Emaar Malls and Amanat among others, which all fell.
The DFM General Index closed the session having retreated 0.78 per cent to end at 3,385.76 and traders will be keenly watching the lower trend-line support at 3,340.
The trend has turned negative as the index is trading below the key trend indicator — the 50-day moving average of 3,433.
Ithmaar closed more than 12 per cent higher at Dh0.960 while Emaar Properties was 1 per cent weaker at Dh6.54. DP World shed 1.34 per cent to close at $26.60.
Meanwhile, Gulf Finance House (GFH) closed steady at Dh1.47 while Gulf Navigation rights saw a 100 per cent increase over their issue price on the first day of trade, to close at Dh0.060.
Analysts expect the name to be stable as circuit breakers are expected to apply on the counter, limiting volatility.
Gulf Navigation shares closed at Dh1.04, down 4.59 per cent.
The Abu Dhabi Securities Exchange (ADX) General Index closed 0.6 per cent lower at 4,584.56.
“Any profit-taking, if seen, should find good support at [the] 4,525 neckline level,” said Shiv Prakash, a senior analyst with First Abu Dhabi Bank Securities (FABS). “The trend still remains bullish [on the] Abu Dhabi index as the 50-day SMA support holds strong.”
Etisalat shares closed 1.41 per cent lower at Dh17.5. Eshraq closed 1.3 per cent higher at Dh0.76.
Elsewhere in the region, Saudi Arabia’s Tadawul index closed 0.62 per cent lower at 7,608.33 while the Nomu index closed 0.15 per cent lower at 3,062.92.
The Muscat MSM 30 index closed 0.44 per cent higher at 5,057.55 but the Qatar Exchange index fell 2.69 per cent to close at 8,959.30.
The Bahrain Bourse All Share index closed 0.21 per cent lower at 1,354.86 while Kuwait’s index closed 0.22 per cent higher at 6,670.84.
