Dubai: Dubai index hit a fresh 52-week low below the keenly watched 3,000 level on continued selling pressure on property stocks.

The Dubai Financial Market General Index hit a low of 2,996.40, before closing 0.92 per cent lower to 3,002.96. Emaar Properties closed 1.41 per cent lower at Dh5.61.

“Emaar Properties may attract selling pressure and force it go lower back towards the range support zone at Dh5.20 in the short term,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities. Traders may expect a recovery only if the stock breaches the level of Dh5.74. Damac Properties closed 1.55 per cent lower to Dh2.55. Emaar Malls closed nearly 5 per cent lower to Dh2.12.

Drake and Scull International (DSI) continued its decline for another session. DSI closed 3.39 per cent lower to Dh1.14, after falling 10 per cent in the previous session. Dubai Investments closed 2.14 per cent lower to Dh1.83. Union Properties rose 0.25 per cent higher to Dh0.810. Traded value, which came in at Dh137 million on Wednesday, continued to remain on the lower side.

The Abu Dhabi Securities Exchange general index closed 0.82 per cent lower to 4,634.97.

First Gulf Bank closed 1.2 per cent lower to Dh12.3. Etisalat closed 0.29 per cent lower to Dh17.15. Aldar Properties closed 1.44 per cent lower to Dh2.05. Eshraq Properties closed ending more than 1 per cent lower to Dh0.71. Abu Dhabi Commercial Bank ended 0.85 per cent lower to Dh7.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.73 per cent lower to 8,098.75. Dar Alarkan Real Estate Development Co closed 0.07 per cent lower to 13.42 Saudi riyals. The Muscat MSM 30 index closed flat at 4,730.83. The Qatar exchange index closed 0.68 per cent lower to 8,953.40, while the Kuwait index closed 0.06 per cent lower to 4,778.38. The Bahrain bourse all share index closed 0.26 per cent higher to 1,261.12.

Clearinghouse

Meanwhile, Tadawul has announced the establishment of Central Counterparty (CCP) Company to develop future clearing services and guarantee settlement of trades. Creation of independent clearing-house will pave the way for derivatives trading and other new asset classes, the bourse said in a statement.