Dubai: The Dubai index may witness some profit-taking next week after it failed to breach the keenly-watched resistance level of 4,200.

On Thursday, the Dubai Financial Market General Index ended 1.09 per cent lower at 4,088.09.

“We see consolidation going into this week with some profit-taking activity continuing at the beginning of the week, which could result in some buying opportunities,” said Marwan Shurrab, fund manager and head of trading at Vision Investments & Holding.

Damac Properties ended 0.32 per cent lower at Dh3.10 after disclosing on Wednesday plans to pay cash dividends for this year and next. Emaar Properties ended 3.06 per cent lower at Dh7.93 after it went ex-dividend.

Out of a total of 34 stocks traded on the exchange, shares of 18 companies fell, while shares of 14 companies rose.

“Damac Properties may hit a new resistance of Dh3.57 within two weeks, so I recommend to hold the positions,” Osama Al Ashri, member of British organisation, Society of Technical Analysts told Gulf News.

“Dubai Islamic Bank may hit a new target of Dh7.39 within next few weeks, so I recommend to buy DIB at support level of Dh6.67,” Al Ashri said.

Support area

“Abu Dhabi index may hit new low at around support area of 4,577 before going up again as it has failed to break out resistance level of 4,720,” Al Ashri said.

“Aldar Properties may hit a new resistance level of Dh3.44 by next month, so I recommend to hold or add to your current positions,” Al Ashri said.

First Gulf Bank is in overbought zone, one need to book profits, Al Ashri said. First Gulf Bank ended Dh15.15, down more than 3 per cent after its first quarter results came in below expectations.

“Gulf Finance House may breach the resistance level of Dh0.80, so I recommend buying at current levels,” Al Ashri said.

Gulf Finance House ended 4.12 per cent higher at Dh0.632.

New target

Saudi’s Tadawul All Share index (Tasi) ended 9,614.61, up 0.44 per cent. The index may hit a new target of 10,267 next month, Al Ashri said.

Saudi Arabia Fertilizers ended 0.62 per cent higher at 116 Saudi riyals, while Saudi Basic Industries ended 0.64 per cent higher at 96.75 Saudi riyals.

Saudi Basic Industries may hit new a new target at resistance level of 107.75 Saudi Riyals next month, Al Ashri said.

Out of a total of 161 shares traded on the exchange, shares of 89 companies rose, while shares of another 42 companies fell.

Elsewhere in the Gulf, Qatar Exchange Index ended 0.48 per cent higher at 12,049.85, while Muscat Securities MSM 30 index ended 0.15 per cent higher at 6,360.25.

Bahrain Bourse All Share Index ended 0.18 per cent lower at 1,397.77.