Dubai: The Dubai index fell more than a 1.5 per cent on Thursday joining the global sell-off on revived prospects of an early rate hike.

The Dubai Financial Market General index closed 1.68 per cent lower at 3,229.87, after consolidating for the past few sessions. Volumes continued to be in the range of Dh200-Dh300 million, compared to last week’s Dh500 million.

“As we head into the weekend, sentiment turned negative as world markets turned lower,” said Marwan Shurrab, fund manager and head of trading at Vision Investments & Holdings. “Turnovers were extremely low, and would remain that way for another couple of months.”

In stock-specific movements, Arabtec ended 2.78 per cent lower at Dh1.40, while Emaar Properties ended 2.52 per cent lower at Dh6.20.

Gulf Finance House ended more than 4 per cent lower at Dh 0.798. Dubai Investments ended more than 2 per cent to end at Dh1.89.

Arabtec may hit a new low to be at Dh1.33 by next week, said Osama Al Ashri, member of British organisation, Society of Technical Analysts, adding Emaar Properties may hit a new low of Dh5.78.

Gulf Finance House may see support level of Dh0.77 by next week. Dubai Islamic Bank could reach support level of Dh5.17, he said.

Dubai Investments may hit a new low of Dh1.79, Al Ashri said.

More downside:

“Dubai index may go down strongly and index may fall below 3,000 levels during this quarter, so I recommend to put a stop-loss at this level,” Al Ashri said.

The Dubai index has managed to gain 4 per cent so far in 2016, after lacklustre performance in 2015.

The Abu Dhabi Securities Exchange general index, which closed 1.66 per cent lower at 4,239.78, may hit a new low 4,055, Al Ashri said.

Abu Dhabi Commercial Bank may reach support level of Dh5.45 by next week, Al Ashri said, adding Aldar Properties may hit a low of Dh2.44.

Etisalat may see a new low of Dh16.9, said Al Ashri, adding Manazel may hit a new low of Dh2.51.

Waha Capital may fall to Dh1.87. Waha Capital ended 2 per cent lower to end at Dh 1.99.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index was 0.45 per cent lower at 6,693.55, while Qatar exchange index closed 1.96 per cent lower at 9,813.96.

Saudi Arabia’s Tadawul index may fall to support level 6,481, Al Ashri said, adding the Qatar exchange index may hit a new low to support level of 9,543.

Muscat Securities exchange MSM 30 index closed 0.36 per cent lower at 5,931.