Dubai: Dubai stocks again ended in the negative zone, snapping a two day gaining streak amid mixed performance by blue chips and other mid-caps. Saudi’s Tadawul index, however, bucked the weak regional trend on higher oil.
The Dubai Financial Market General Index closed 0.28 per cent lower at 3,180.77.
“The index may hit a level of 3,069 during this quarter. The index may fall below 3,000 levels in the first quarter of next year,” said Osama Al Ashri, member of British organisation, Society of Technical Analysts.
The index hit a high of 4,257 in the first quarter of 2015.
Emaar Properties closed 0.67 per cent higher at Dh5.98, while Air Arabia ended more than 2 per cent lower at Dh1.20. Amanat ended 0.27 per cent higher at Dh0.751.
Emaar Properties may hit a new low and see support at Dh5.55, while Air Arabia may witness support at Dh1.09, said Al Ashri.
Amanat may witness strong support at Dh0.67, said Al Ashri.
Among other losers, DAMAC Properties closed 0.40 per cent lower at Dh2.51, while Amlak Finance closed more than 2 per cent lower at Dh1.40.
Damac Properties may hit a new low of Dh2.33, Arabtec may hit a new low below Dh1 during this quarter, Al Ashri said.
Out of a total of 34 stocks traded on the exchange, shares of 16 firms fell, while those of eight others rose.
The Abu Dhabi Securities Exchange General Index ended almost flat at 4,196.85.
Abu Dhabi index may test sub-4,000 levels by December, Al Ashri said.
Aldar Properties closed 1.76 per cent higher at Dh2.31, while Etisalat ended at Dh15.95, up 0.31 per cent.
Aldar Properties may hit support level of Dh2.5 during this quarter, Al Ashri said, adding Waha Capital may test support level of Dh1.87.
Out of a total of 30 stocks traded, shares of 12 firms rose, while shares of other 11 firms fell.
Saudi bucks trend:
The Tadawul index may witness a new low of 6,533 during this quarter, Al Ashri said.
On Wednesday, Tadawul index was 0.31 per cent higher at 6,938.54 on firm oil prices.
Brent crude futures were up $1.06 at $44.63 (Dh161) per barrel by 1027 GMT after settling 99 cents lower the day before. US crude futures were up 75 cents at $41.42 a barrel.
SABIC may hit a low of 78.25 Saudi riyals, and may still fall towards 60 levels, Al Ashri said.
Elsewhere in the Gulf, Qatar Exchange index closed 1.23 per cent higher at 10,827.66, while Muscat Securities MSM 30 index closed 0.29 per cent lower at 5,797.69.
