Dubai: The Dubai index struggled to breach its key resistance level for a fifth session in a row on Tuesday.
The Dubai Financial Market (DFM) general index closed 0.21 per cent lower at 2,925.74, after hitting a high of 2,934.87. The 50-day simple moving average is at 2,935.
“The Dubai market is sideways-up, struggling to break the critical resistance of the 50-day simple moving average,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities said. Traded value, which came in at Dh90 million, remained sluggish.
“Low volumes are persisting as investors continue to hold on to their positions in anticipation of further indication of this quarter’s results,” Essam Kassabieh, senior analyst with Menacorp.
Meanwhile, Drake and Scull closed 1 per cent higher at Dh0.707.
DP World closed 4.21 per cent lower at $22.51. Emaar Development closed 0.58 per cent lower at Dh5.10. Dubai Islamic Bank closed 0.40 per cent lower at Dh4.93. Emaar Properties closed 0.19 per cent lower at Dh5.24.
Gulf Navigation closed 0.83 per cent higher at Dh0.968. Arabtec closed 0.99 per cent higher at Dh2.04. Emirates NBD closed 0.49 per cent lower at Dh10.30. The Abu Dhabi Securities Exchange general index closed 0.33 per cent higher at 4,776.89.
First Abu Dhabi Bank closed 0.1 per cent higher at Dh13.25.
“FAB financials will further consolidate the perception of the strong performance of the banking sector,” Kassabieh said.
Aldar Properties closed 0.02 per cent higher at Dh2.05.
Elsewhere in the Gulf, the Tadawul index in Saudi Arabia closed at 8,413.91, down 0.41 per cent. Alinma Bank closed 0.18 per cent higher to 22.32 Saudi riyals.
Saudi Kayan Petrochemical Co closed 1.21 per cent lower to 17.94 riyals.
The Muscat MSM 30 index closed 0.34 per cent lower to 4,433.06.
The Qatar exchange index closed 1.94 per cent higher to 9,618.33.