Dubai: The rally seen on Dubai and Abu Dhabi indices on the final trading day of last year fizzled on Wednesday with GFH easing from its strong run last week.

The Dubai Financial Market General index closed 0.36 per cent lower at 2,520.53. The most-actively traded Gulf Finance House closed 3.22 per cent lower at Dh0.873, after hitting an upper limit in the previous week.

“A few margin calls have been triggered so that is why we have seen weakness in GFH,” Osama Al Ashry, a technical analyst, told Gulf News. “GFH is oversold and we recommend strong buying for a target of Dh1.17 during the first quarter.”

Image Credit: Gulf News

Dubai Islamic Bank closed 0.90 per cent lower at Dh4.98. Salama Insurance closed 2.49 per cent higher at Dh0.452.

Dubai Investments closed 0.79 per cent lower at Dh1.25. Emaar Properties closed 1.21 per cent lower at Dh4.08. “I recommend traders to buy Emaar

Properties and Dubai Investments as they are in bear territory,” Al Ashry said.

GFH is oversold and we recommend strong buying for a target of Dh1.17 during the first quarter.

- Osama Al Ashry | Technical analyst

DFM shares closed at Dh0.794, down 0.25 per cent. “The DFM shares are dominated by uncertainty. The occasionally prevailing trend lasts for a limited time and changes its direction too frequently. As long as the market remains unstable, we stay aside, waiting for the market to get back on track,” Menacorp said in a note.

The Abu Dhabi Securities Exchange general index closed 0.99 per cent lower at 4,866.64, after registering a rise of 11 per cent in 2018. “Abu Dhabi index is looking stronger compared to Dubai due to strong fundamentals,” Al Ashry said.

Traders can buy Aldar Properties at Dh1.55 for a target of Dh1.75 in two months, Al Ashry said. Manazel may also target of Dh0.44. Manazel closed at Dh0.39, up 12 per cent. Abu Dhabi Commercial Bank closed at Dh8.08, down 0.08 per cent.

Etisalat closed flat at Dh17. “We are waiting for the upward break of 18 resistance level, which will complete a bullish trend reversal pattern to go long. Only the downward break of 15.80 would cancel the bullish scenario,” the note from Menacorp said commenting on Etisalat. First Abu Dhabi Bank closed 1.42 per cent lower at Dh13.90.

“Waiting for a retracement lower towards the 13.20 support level, or alternatively the break of the 15.30 resistance level, in order to reinstate long positions,” the note from Menacorp added.

Elsewhere in the Gulf, Tadawul index in Saudi Arabia closed 0.10 per cent lower at 7,790.86. Tadawul may hit 8,000 during this quarter, up 2.5 per cent from current levels, Al Ashry said. Al-Ahlia Insurance Co. closed 3 per cent lower at 11.50 Saudi riyals. Alinma Bank closed 0.43 per cent lower at 23.02 riyals.

The Muscat MSM 30 index closed 0.73 per cent lower at 4,301.88. The Qatar exchange index closed 0.17 per cent lower at 10,280.34.

The Kuwait all share index closed 0.59 per cent higher at 5,109.62.