Dubai: The Dubai index declined the most since March from its keenly-watched resistance level of more than 4,200 led by property stocks. The Abu Dhabi index also fell.
The Dubai Financial Market General Index ended 2.28 per cent lower at 4,132.46, falling from a high of 4,247.16. The index had gained more than 20 per cent in April.
“4,200 was an important resistance level and we didn’t break it so we pulled back. Bluechips sold off on Sunday and rest of the market was also selling off with them,” said Hisham Khairy, Head of Institutional Trading, Menacorp, a leading brokerage in UAE.
The fall was led by the property majors including Gulf Finance House.
Gulf Finance House, which contributed to a third of the total turnover, ended 2.56 per cent lower at Dh0.8, while DAMAC Properties fell 5.81 per cent at Dh3.08.
Abu Dhabi Securities Exchange General Index ended 0.61 per cent lower at 4,618.87. Elsewhere in the Gulf, Saudi’s Tadawul ended 0.71 per cent lower at 9,764.24 led by losses in banks and financial services.
Qatar Exchange Index, however, ended 0.25 per cent higher at 12,195.04.
