Dubai: Dubai stocks witnessed renewed selling in trade on Monday, continuing its fall for a fourth session, joining its other emerging market peers. The Qatar index led the regional losses.

The Dubai Financial Market General Index closed 0.93 per cent lower at 3,202.84. “Stocks creating pressure on the market are — Emaar Properties, Emaar Malls, Damac, Dubai Financial Market, Dubai Investments and Arabtec, Overall, traders should look to remain stock specific,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities in a daily note.

Gulf Finance House was among the most actively traded stock after the company. GFH closed 4.82 per cent lower at Dh1.58.

“Small stocks like Shuaa, GFH, Amanat, GulfNav & Hits Tele are still trading over the immediate support zone and may attract renewed buying,” Prakash said.

The support zone on GFH is at Dh1.55/1.48 where traders may look to buy while placing stop loss below Dh1.45 level, Prakash added.

Renewed buying

Investors have been booking profits in Shuaa Capital after registering loss for the third quarter. However on Monday, Shuaa Capital saw renewed buying from its low of Dh1.22. Shuaa Capital has been one of the top performing stock along with Gulf Finance House.

“The support is seen at Dh1.22, expected to recover back towards the previous high at Dh1.42 near term and only a close below Dh1.20 shall be considered bearish,” Prakash said.

Out of a total of 35 stocks traded on the exchange, shares of 22 firms fell, while other 10 rose. The rest remained steady.

The Abu Dhabi Securities Exchange General index closed 1.19 per cent lower at 4,185.22. Etisalat continued its weakness for a fifth session. Etisalat closed at Dh17.35, entering its losses for a sixth straight week.

Eshraq Properties closed more than 1 per cent lower at Dh1.05, while Aldar Properties closed more than 3 per cent lower at Dh2.41. Out of a total of 28 stocks traded on the bourse, shares of 17 firms fell, while other 7 rose. The rest remained steady.

Elsewhere in the Gulf, the Saudi Arabia’s Tadawul index closed 0.48 per cent lower at 6,631.15, while the Qatar exchange index closed 1.28 per cent lower at 9,744.97. In the wider Middle East, the Egyptian EGX 30 index closed 1.97 per cent lower at 10,701.77.