Dubai: The Dubai Financial Market (DFM) General Index edged lower yesterday after moving in a tight intra-day range, mirroring trends in the most actively traded stocks, while the Abu Dhabi index closed unchanged.
The index shed 0.30 per cent to close at 3,624.15 after moving in the range of 3,617.78-3,640.65.
Dubai Entertainments closed 0.63 per cent higher at Dh0.80, and was the most actively traded stock.
DFM shares closed 1.77 per cent higher at Dh1.15.
“[The] DFM — after breaking the Dh1.14 continued its move to the downside — should target Dh1.08, then Dh1 if selling pressure increases, with current low volumes,” Hesham Khairy, head of institutional trading at Menacorp, said.
Gulf Finance House (GFH) closed 2.7 per cent lower at Dh1.80.
“GFH could follow Eshraq’s strength. The stock has been edging higher from the Dh1.72 low and could be forming a reversal pattern that would be confirmed with a break of the Dh1.94. Targets would be Dh2.08, then Dh2.30,” said Khairy.
Emaar shed 0.5 per cent to close at Dh8.46 while Tabreed was down more than 2.5 per cent at Dh2.03.
The Abu Dhabi Securities Exchange (ADX) General Index closed 0.06 per cent lower at 4,478.73.
Reversing downtrend
Eshraq Properties shed 3.23 per cent to close at Dh0.90 while Abu Dhabi Commercial Bank eased back 1.51 per cent to end at Dh7.17.
“Eshraq was one of the best performers. The stock reversed the current downtrend, broke the Dh0.89 resistance and managed to reach its first target at Dh0.93, and could target Dh1 if [its] strength continues,” Khairy said.
The rally in Dana Gas cooled after the stock gained 14 per cent in the previous session. Dana Gas shares closed almost flat at Dh0.77.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.04 per cent lower at 7,258.64. The Qatar exchange index closed 0.66 per cent lower at 8,800.56.
