Dubai: The Dubai index fell the most in the region on Sunday, led by Arabtec losses, closing 1.28 per cent lower at 4,147.63. The Abu Dhabi index was also down.
Earlier in the day, the Dubai Financial Market General Index (DFMGI) touched its lowest level in nearly two weeks at 4,137.56.
“I consider Sunday’s fall as consolidation and the index might face some pressure if it breaches support level of 4,044,” Osama Al Ashri, a member of British organisation, the Society of Technical Analysts, said.
Arabtec ended 3.21 per cent lower at Dh2.41, becoming the most-traded stock in trade, while Amlak Finance ended 3.61 per cent lower at Dh2.40.
Arabtec may witness consolidation in this area with a strong support at Dh2.2, Al Ashri said, adding Amlak Finance may correct until Dh2.2, and recover later to hit a resistance level of Dh2.57 by this week.
Gulf Finance House closed trading 3.03 per cent lower at Dh0.736, with Al Ashri saying it may go down again to Dh0.74 and could witness strong support at Dh0.69.
New high
The Abu Dhabi index may hit a new high and hit resistance level of 5,034 in the next few days, Al Ashri said. The index closed trading on Sunday at 4,881.49, down 0.37 per cent.
In stock specific action, Aldar Properties ended almost steady at Dh2.72, while Abu Dhabi Commercial Bank (ADCB) ended 0.05 per cent lower at Dh8.28.
“Aldar Properties may witness consolidation between Dh2.67-Dh2.90, according to Al Ashri.
He added that ADCB was still positive on the medium-term chart and could hit a resistance level of Dh8.89 in the next few days.
Saudi Arabia’s Tadawul All Share Index ended trading 0.85 per cent lower at 9,293.53. The Tadawul may hit a resistance level of 9,549 by next week, Al Ashri said.
Saudi Basic Industries (Sabic), whose net profit fell 4.5 per cent in the second quarter to June, was 0.95 per cent higher at 99.25 Saudi riyals (Dh97.16). Sabic may witness consolidation between 97.5-107.25 riyals for a month, Al Ashri said.
Al Rajhi Bank was almost steady at 65.50 riyals. If it successfully breaks the resistance level of 69.25 riyals, it may hit a new high to 73.5 riyals, Al Ashri added.
Elsewhere in the Gulf, the Qatar Exchange Index ended 0.30 per cent lower at 11,909.17, while the Muscat Securities MSM 30 index ended 0.14 per cent lower at 6,581.82.
The Kuwait Stock Exchange Index closed the day’s trading 0.07 per cent lower at 6,281.84, while the Bahrain Bourse index ended steady at 1,337.03.
In the wider Middle East, Egypt’s EGX 30 Price Return index ended 0.75 per cent lower at 8,026.20.