Dubai: Mild profit-taking, in Emaar Properties and Dubai Islamic Bank, weighed on the Dubai index on Tuesday, as investors eyed another rate hike from the US Federal Reserve.

The Dubai Financial Market General Index closed 0.87 per cent lower at 3,625.23, after gaining more than 2 per cent in the previous session.

“Profit-taking shall take good support at the 3,550 level. Traders may look to hold and add further selectively,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities.

Union Properties witnessed accumulation, making it the most-active stock in trade. Union Properties fell 1.71 per cent to end at Dh1.15.

“Union Properties may trade stronger and head higher towards the target zone at Dh1.40. Traders may look to hold and add further, overall expected to complete the “N” shaped pattern in the long term,” Prakash said.

Marka, which closed at Dh1.31, down more than 0.5 per cent was another active stock in trade. Marka witnessed a bulk trade, its highest since listing, contributing to a jump in overall traded volumes.

“The double bottom at Dh1 should remain intact and target Dh1.55 in the short term. ►Traders may look to buy using Dh1.14 as the stop loss,” Prakash said.

Volumes in Damac Properties spiked to its highest level since September 2015.

Damac Properties closed 1.27 per cent higher at Dh2.40.

Gulf Finance House closed more than 3 per cent higher at Dh1.93.

Out of a total of 37 stocks traded on the exchange, shares of 24 firms fell, while another 12 rose. The rest remained steady.

The Abu Dhabi index also fell along with Dubai, though volumes surged on Manazel.

The Abu Dhabi Securities Exchange index closed 0.20 per cent lower at 4,539.91.

“The support at 4,180 holds strong, as anticipated witnessed further buying on banking stocks, helped the index to meet the trendline resistence of 4,580,” said Prakash.

Manazel closed 9.26 per cent higher at Dh0.59.

“Manazel met the long-term trend line resistance at Dh0.61,” Prakash said.

Abu Dhabi Commercial Bank recovered from its intraday due to buying activity. ADCB closed 5.5 per cent higher at Dh6.90.

Out of a total of 32 stocks traded on the exchange, shares 12 firms rose, while another 15 fell. The rest remained steady.

Elsewhere in the Gulf, the Tadawul index closed 0.75 per cent lower at 7,108.44. The Qatar exchange index closed 0.67 per cent higher at 10,397.58. The Kuwait exchange index closed 0.61 per cent higher at 5,671.62. The Bahrain bourse all-share index closed 0.20 per cent lower at 1,188.12.