Dubai Index Tumbles To New 52-week Low

Dubai:

Dubai Islamic Bank spooked the Dubai index on Monday after Emaar Properties as the gauge hit a new 52-week low.

The Dubai Financial Market General Index closed 0.36 per cent lower to 3,103.80, after hitting a low of 3,101.67, the lowest in a year. The index lost more than 1 per cent in the previous session.

The index has been on a one-way decline since the gauge breached the important 3,330 support mark.

“Selling pressure forced the Dubai index form a new 52 weeks low at 3,108, expected to target 3,027 in the near term.,” said Shiv Prakash, senior analyst with First Abu Dhabi Bank.

Dubai Islamic Bank closed 1.3 per cent lower to Dh5.29. Gulf Finance House closed 2.9 per cent higher to Dh1.42. Emaar Properties closed 1.22 per cent higher to Dh5.80. Air Arabia closed 2.59 per cent higher to Dh1.19.

Emaar Malls closed 1.39 per cent lower to Dh2.13.

The Abu Dhabi Securities Exchange general index closed 0.78 per cent higher to 4,651.05. First Abu Dhabi Bank closed 2.58 per cent higher to Dh11.59. Abu Dhabi Commercial Bank closed 1.52 per cent lower to Dh6.5.

“The stock is trading ex-dividend, just over the long term trendline support zone. expected to attract fresh buying and recover back towards the previous high of Dh7.15 in the medium term,” Prakash said.

Dana Gas closed 2.2 per cent lower t Dh2.2. “Traders are advised to book partial profits as it tested its target of Dh0.90,” Prakash said. FABS had a buy on Dana Gas at Dh0.75 on February 26.

Elsewhere in the Gulf, Saudi Tadawul index closed 0.19 per cent higher to 7,857.46. The Qatar exchange index closed 0.47 per cent lower to 8,711.91. The Muscat MSM 30 index closed 0.92 per cent lower to 4,758.42. The Kuwait index closed 0.21 per cent lower to 6,624.26. The Bahrain all share index closed at 1,325.63, down 0.70 per cent.