Dubai: The UAE indices were almost steady on Thursday as traders awaited for fresh catalysts for direction, even as some stocks witnessing profit-taking.

The Dubai Financial Market General Index closed 0.07 per cent lower at 3,544.21, after moving in a tight range of 3,538.84-3,561.91.

“There were lack of leads as there were no major earnings announcements,” Vijay Harpalani, Assistant Fund Manager, Asset Management Al Mal Capital said.

Some stocks witnessed profit-taking after gaining for a couple of weeks. “We had a pretty good run in a number of sectors so far in the year. We are seeing traders taking risk off the table,” said Saleem Khokhar, head of equities at National Bank of Abu Dhabi’s asset management group.

Aldar Properties, Emaar Properties and Arabtec witnessed a slight profit-taking. “There was a reality check in a sense and caution ahead of their numbers. keeping people on the sidelines,” said Khokhar. Arabtec fell 2.59 per cent to end at Dh1.52, while Union Properties closed 0.39 per cent lower at Dh0.765.

Emaar Properties closed 0.28 per cent lower at Dh7.00.

Out of a total of 37 stocks traded on the exchange, shares of 13 firms rose, while other 18 firms fell. The Abu Dhabi Securities Exchange General Index closed 0.49 per cent lower at 4,589.84. Eshraq Properties closed more than 2 per cent lower at Dh0.75. Dana Gas closed 1.67 per cent lower at Dh0.59. Aldar finally settled 0.34 per cent higher at Dh2.91, after falling to a low of Dh2.87. Out of a total of 28 firms traded on the exchange, shares of 10 firms rose, while 11 firms fell. The rest remained steady.

“Buying momentum would continue, There would be a breather, and we would have some people taking off some profits,” said Khokhar.

The Dubai index has been on a continuous gaining streak after the Brexit vote as the gauge plays a catch-up with the other emerging market peers due to stability in crude oil prices. The index has gained 8.7 per cent after the Brexit vote. Dubai index has even outperformed Abu Dhabi index, which has only gained nearly 4 per cent so far since June 26.

Elsewhere in the Gulf, the Qatar exchange index closed 0.54 per cent lower at 10,534.40.

“Qatar index has been hit numbers from Commercial Bank of Qatar, and brought back some concerns. Qatar index has been benefited from a lot passive money in the emerging market index,” said Khokhar.

Saudi Arabia’s Tadawul index was 0.29 per cent lower at 6,611.41. “We are slight underweight on Saudi Arabia, but selectively positive on health care and consumption driven sector,” Harpalani said.

Muscat Securities MSM 30 index closed almost steady at 5,818.14. Bahrain Bourse All Share Index closed 0.17 per cent higher at 1,160.34.