Dubai: The Abu Dhabi and Dubai indices ended almost flat on Tuesday — a consequence of investors awaiting to get direction from third-quarter.

The Dubai Financial Market General index (DFMGI) closed 0.28 per cent lower at 3,712.09.

“[The] Dubai index has not been able to breach the resistance level of 3,839, so I see the index still under risk, and [it] may fall to 3,500 in the next few weeks,” said Osama Al Ashri, a member of the Society of Technical Analysts, a British organisation.

Emaar Properties closed only 0.58 per cent higher at Dh6.98 but is expected to consolidate gains to hit a resistance level of Dh7.15 by next week, Al Ashri said.

Dubai Islamic Bank ended 1.89 per cent lower at Dh6.75 but is expected to fall to Dh6.57 by next week, Al Ashri said.

Gulf Finance House closed 0.54 per cent lower at Dh0.548, with Al Ashri saying the stock is oversold at current levels. He sees the stock breaching a support level of Dh0.52 to record a new low below Dh0.50.

Al Ashri, however, said Arabtec, which was unchanged at Dh1.91, could witness further consolidation in the range of Dh1.9 to Dh1.91.

Out of the 32 stocks traded on the exchange, the shares of 14 firms rose, those of 12 fell while six were unchanged.

Recovery:

In Abu Dhabi, the general index closed 0.07 per cent higher at 4,564.35, with Al Ashri saying it could witness some recovery and could hit a resistance level of 4,597.

Aldar Properties ended the day’s trading 0.40 per cent higher at Dh2.53 and Al Ashri sees it closing in on a new target of Dh2.61 in the short-term. Etisalat ended 1 per cent higher at Dh15.10.

Out of the 26 stocks traded on the exchange, the shares of six firms rose while those of 13 declined.

Bearish:

Saudi Arabia’s Tadawul index closed nearly half a per cent lower at 7,782.01 on falling oil prices.

Oil prices dropped more than 5 per cent on Monday on news of higher output by the Organisation of the Petroleum Exporting Countries (Opec) and on expectations of higher US crude stockpiles.

Global benchmark Brent crude was down 20 cents a barrel at $49.66. US crude was down 30 cents at $46.80.

Elsewhere in the region, Saudi Arabia’s Tadawul index may hit a new high of 8,040 by next week but Al Ashri says the trend is still bearish.

Saudi Basic Industries closed 0.92 per cent lower at 87.50 Saudi riyals, while Alinma Bank closed at 17.45 riyals, down 0.91 per cent.

The Qatar Exchange Index closed 0.26 per cent lower at 11,837.71, while the Muscat Securities MSM 30 index closed 0.57 per cent lower at 5,928.98.