Dubai: Small stocks like Gulf Finance House, Shuaa Capital fell more than 5 per cent in a weak Dubai market on Tuesday, while other stocks like Amanat, and Tabreed jumped.
The Dubai Financial Market General Index closed 0.47 per cent lower at 3,290.76.
“We expect the market to trade sideways just below the 50 day moving average at 3,365 with support seen at 3,285/3,252 levels in the near term,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities.
Gulf Finance House closed 7.69 per cent lower at Dh1.80, while Shuaa Capital closed 8.57 per cent lower at Dh1.60.
Among the rising stocks, Amanat closed more than 5 per cent higher at Dh1.030. Tabreed closed more than 8 per cent higher at Dh2.02.
“Traders who bought Amanat from the initial buy recommended levels of Dh0.859 may look to hold and add further positions, while trailing stops to Dh0.93 level,” said Prakash.
Ajman Bank closed at Dh1.33. Out of a total of 37 stocks traded on the exchange, shares of 21 firms fell, while other 8 rose. The rest remained steady.
The Abu Dhabi index closed 0.26 per cent lower at 4,218.72. “To form a near-term bottom, we need a clear close over the 4,350 resistance,” said Prakash.
Eshraq Properties closed 7.50 per cent lower at Dh1.11. Aldar Properties closed 2.36 per cent lower at Dh2.48.
Out of a total of 29 stocks, shares of 16 firms fell, while other 9 rose. The rest remained steady.
Saudi jumps:
Due to rising crude oil prices ahead of a key Opec meeting, the Saudi Arabia’s Tadawul index closed 1.61 per cent higher at 6,601.59.
Oil prices rose, extending gains for another session amid optimism of an output cut in the upcoming Opec meeting next week.
The Qatar exchange index closed 0.43 per cent lower at 9,740.80. The Muscat MSM 30 index closed 0.47 per cent higher at 5,521.29. In the wider Middle East, the Egyptian EGX index closed 0.2 per cent lower at 11519.8.
