Dubai: Dubai index edged higher on Tuesday, snapping a two-day losing streak despite falling crude oil. Abu Dhabi’s index, however, fell.
The Dubai Financial Market General Index ended 0.42 per cent higher at 3,534.29, after losing more than 4 per cent in the previous two sessions.
Dubai Islamic Bank ended 0.35 per cent higher at Dh5.8, while Damac Properties ended 0.88 per cent higher at Dh2.28.
“Dubai index is trading at a strong support area and may consolidate in this year with a positive bias,” Osama Al Ashri, member of British organisation, Society of Technical Analysts said.
Oil traded near the lowest price in six years on estimates that US crude inventories extended a record.
Emaar Properties ended 0.15 per cent lower at Dh6.6, while Gulf Finance House resumed its downtrend, ending 3.21 per cent lower at Dh0.241. Dubai Financial Market ended 3.51 per cent lower at Dh1.65.
Emaar Properties may see more sideways movement, while GFH may record new low of Dh0.221 later in the week, said Al Ashri. Emaar Malls Group ended 1.11 per cent higher at Dh2.73.
Out of a total of 35 stocks traded on the exchange, shares of 20 companies rose, while shares of 11 companies fell.
The Abu Dhabi Securities Exchange General Index ended 0.79 per cent lower at 4,330.63.
Abu Dhabi index may see support at 4,278 levels, said Al Ashri.
Sharjah Cement and Industrial ended at Dh1.12, down more than 5 per cent, while Dana Gas ended 2.33 per cent lower at Dh0.42. Aldar Properties may record new low of Dh2.07, while Dana Gas may see more consolidation, said Al Ashri.
Tadawul index fall
Tadawul may fall to 9,189 before April, before hitting a resistance at 10,000, said Al Ashri.
Saudi’s Tadawul index ended at 9,303, down more than 1 per cent.
Saudi Basic Industries ended more than 4 per cent lower at 87.25 Saudi Riyals. Alinma Bank ended 1.07 per cent lower at 23.20 Saudi Riyals.
SABIC may go down to support level of 83.5 Saudi Riyals before going up, said Al Ashri.
Dar Alarkan Real Estate Development ended 0.51 per cent lower at 9.80 Saudi Riyals.
Elsewhere, Qatar Exchange Index ended 0.63 per cent lower at 11,687.17, Muscat Securities MSM 30 index ended 0.56 per cent lower at 6,222.88.
Kuwait Stock Exchange Index ended 0.03 per cent lower at 6,444.14 on reports of discussion to introduce a corporate tax for local companies.
Bahrain Bourse All Share Index ended 0.03 per cent lower at 1,468.12.
