Dubai: The Dubai index may extend losses this week on continued profit-taking even as investors eyed the MSCI re-weighting slated later in the week.

On Thursday, the Dubai Financial Market General Index ended 0.27 per cent lower at 4,103.49, after gaining more than 1 per cent in the previous session.

“We may see some weakness on the back of negative leads from the international space,” said Saleem Khokhar, head of equities at National Bank of Abu Dhabi’s asset management group.

There could be a dip below 4,000 levels in the short-term, said Osama Al Ashri, member of British organisation, Society of Technical Analysts.

Gulf Finance House may hit a new resistance level of more than Dh1 this month. GFH, which has been contributing about 40 per cent of the total volumes, ended 3.14 per cent lower at Dh0.821.

In other stocks on Thursday, Arabtec ended 1.55 per cent higher at Dh2.62.

Tabreed ended at an upper circuit, closing 15 per cent higher at Dh1.40.

Tabreed said it would ask shareholders for approval to buy back 28 per cent of convertible bonds held by its largest shareholder Mubadala.

Out of a total of 36 stocks traded on the exchange, shares of 22 companies fell, while shares of 9 companies rose.

New high

“I see new highs for DFM and ADX index this year and will be greater than levels hit in 2014,” Al Ashri.

DFM should go down below important support level of 3,725, and ADX should not breach support level of 4,040, Al Ashri said.

The DFM index has gained 31 per cent in the last 5 weeks after strong first quarter results, which showed a limited impact of falling oil prices on the real economy.

On Thursday, the Abu Dhabi Securities Exchange General Index also ended 0.19 per cent lower at 4,557.30, and losses were lead by financial services and real estate firms.

New resistance

Saudi Arabia’s Tadawul index ended 0.65 per cent lower at 9,717.9 on Thursday after Yemen’s government called for military intervention on the ground.

Saudi Basic Industries (Sabic) may hit a new resistance at Dh120 in this quarter, said Al Ashri. Sabic ended 0.52 per cent lower at 106.75 Saudi riyals. Alinma Bank ended 0.37 per cent lower at Dh24.20.

Elsewhere in the Gulf on Thursday, the Qatar Exchange Index ended 0.42 per cent lower at 12,282.17, while Muscat Securities Market’s MSM 30 index ended 0.55 per cent lower at 6,317.66. Kuwait Stock Exchange Index ended 0.30 per cent lower at 6,396.96. Bahrain Bourse All Share index ended almost flat at 1,390.26.