Dubai: Dubai index edged lower on Sunday, nearing its key resistance level as traders were anxiously watching the first quarter results.

The Dubai Financial Market General Index closed at 3,554.96, down 0.32 per cent, after hitting a high of 3,751.06. The index has been unsuccessfully trying to breach the 50-day moving average of 3,572 for the three sessions.

“We expect range trading here but a break over shall lead us higher towards the 3,670 and the previous high in the short term,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities in a note.

In stock specific action, Dar Al Takaful closed more than 4 per cent lower at Dh1.41. Gulf Finance House closed less than a per cent lower at Dh2.50. Union Properties closed 1.90 per cent lower at Dh1.03. Emaar Properties closed a tad higher at Dh7.49. Out of a total of 33 stocks traded on the bourse, shares of 25 firms fell while other seven rose. The rest remained steady.

The Abu Dhabi Securities Exchange closed 0.52 per cent lower at 4,591.41. National Bank of Abu Dhabi closed 1.78 per cent lower at Dh11.05, while Abu Dhabi Commercial Bank closed 1.16 per cent lower at Dh6.82. Abu Dhabi Islamic Bank closed 0.25 per cent lower at Dh3.93.

Eshraq Properties closed 0.85 per cent higher at Dh1.18. Abu Dhabi National Energy or Taqa closed 3.51 per cent higher at Dh0.59.

“The stock may extend gains towards Dh0.68 in the near term. Traders may look to hold and add further positions,” Prakash said.

Liquidity:

Traded value on UAE bourses tumbled as traders were eyeing for a catalyst to trade, continuing a declining trend witnessed in March, when volumes dipped by a half.

On Sunday, traded value was at Dh241 million, down from Dh300 million witnessed last week.

“Many investors would come back to the market in April to take advantage of cheaper valuations and reinvesting dividends, however, we do not expect investors to through more weight before the first quarter results which will set the course for 2017 expectations,” Marwan Haddad, lead Portfolio Manager at Al Mal Capital. Haddad expects low liquidity to continue through Ramadan and Eid.

Falling Eygpt:

Egyptian stocks tumbled more than 1.5 per cent in trade after an explosion rocked a Coptic church. The EGX 30 index closed 1.55 per cent lower at 12,895.12. The Bank index, which was one of the top most loser, fell 1.71 per cent to be at 5,827.58.