Dubai stocks down over half a per cent in low volume trade.
Dubai: Dubai index ended down by more than half a per cent on Thursday led by losses on real estate counters. Abu Dhabi index also ended a tad lower.
The Dubai Financial Market General Index ended 0.59 per cent lower at 4,063.88, with volumes falling by a half to be at Dh500 million.
However, analysts are still positive on Dubai index.
"The outlook is still positive for Dubai index, and it is awaiting new high of above resistance level of 4,500 in the next few months. Risk will start if the index breaches support level of 3,957," said Osama Al Ashri, member of British organisation, Society of Technical Analysts.
Dubai Parks and Resorts ended flat at Dh1.22, and was the most active stock in trade. Amlak Finance, which is not part of the gauge, ended 4.39 per cent lower at Dh1.96.
"Dubai Parks and Resorts is overbought at current levels, but still may hit resistance level Dh1.37 by neat month, so I recommend to buy Dubai Parks at Dh1.15," said Al Ashri, adding "I recommend to book profits in Amlak, as it may hit support area around Dh1.81.
Gulf Finance House ended 0.55 per cent lower at Dh0.73.
Gulf Finance House is oversold on the medium term chart, and may go up strongly in the next few months, Al Ashri said. Arabtec is still trading in uptrend on a medium term chart, he added.
Arabtec closed the trade 0.38 per cent lower at Dh2.59.
Abu Dhabi Securities Exchange General Index ended 0.18 per cent lower at 4,572.02.
"I have positive outlook for ADX, and won't change this outlook until it breaches support level of 4,467," Al Ashri said.
Aldar Properties may hit a resistance level of Dh3.17 in the next grew weeks.
Aldar Properties ended 0.37 per cent higher at Dh2.71.
"TASI is still trading in uptrend, but I recommend to book profits loif the index breaches the support level of 8,185," Al Ashri said.
Saudi's Tadawul All Share TASI index ended 0.39 per cent lower at 9,505.74.
Saudi Basic Industries (SABIC) may record a new low around support area of 95.5 Saudi Riyals before going up, he added. SABIC ended 0.20 per cent lower at 103 Saudi Riyals.
Elsewhere in the Gulf, Qatar Stock Exchange Index ended 0.12 per cent higher at 11,897.95, while Muscat Securities MSM 30 index ended 0.20 per cent lower at 6,455.44. Kuwait Stock Exchange Index ended 0.47 per cent lower at 6,237.19.
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