Emaar Properties breached a key support zone due to lack of buying at lower levels even as traded value fell in a holiday week.
Emaar Properties closed 2.01 per cent lower at Dh6.84, after breaching the key support area of Dh6.95. Emaar was the actively traded stock on bourse. Emaar Properties contributed to 27 per cent of the total traded value of Dh373 million.
The Dubai Financial Market General index closed 0.68 per cent lower at 3,332.21.
Khaleeji Commercial Bank fell 9 per cent to be at Dh1.23, after rising in the previous sessions. Union Properties closed 0.97 per cent higher at Dh0.939.
In other stocks, Drake and Scull closed 1.8 per cent lower at Dh2.17. Salama Bahrain closed at Dh1.06, down 5.36 per cent. These small stocks witnessed some buying in the previous session.
“There is window dressing towards end of the year and traders are targeting certain stocks, Union Properties, Gulf Finance House, Eshraq Properties, Salama Bahrain and Dana Gas,” Hisham Khairy, head of institutional trading at Menacorp said.
The Abu Dhabi Securities Exchange general index closed 0.43 per cent lower at 4,319.81.
“Medium-term trend characteristics are still bearish, although the active correction extending above the previous daily top of 4,340 has weakened the downtrend,” Menacorp said in a technical note.
Dana Gas closed flat at Dh0.77, after jumping in the previous session. Abu Dhabi Commercial Bank closed 6 per cent lower.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index was 0.39 per cent higher at 7,174.27. The Qatar exchange index closed 0.80 per cent lower at 8,501.03. The Muscat MSM 30 index closed 0.33 per cent lower at 5,006.69. The Kuwait Stock Exchange index closed at 6,369.43, up 0.39 per cent. The Bahrain bourse all share index closed at 1,285.34, down 0.61 per cent.