Dubai index tumbles to new 52-week low

DFM INDEX CLOSED 0.36% LOWER AT 3,103.80 AS FAB SUPPORTS ABU DHABI INDEX

Dubai Islamic Bank (DIB) spooked the Dubai index yesterday after Emaar Properties as the gauge hit a new 52-week low.

The Dubai Financial Market (DFM) General Index closed 0.36 per cent lower at 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 to form a new 52-week 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 at Dh5.29. Gulf Finance House closed 2.9 per cent higher at Dh1.42. Emaar Properties closed 1.22 per cent higher at Dh5.80. Air Arabia closed 2.59 per cent higher at Dh1.19.

Emaar Malls closed per cent lower at Dh2.13.

The Abu Dhabi Securities 1.39 Exchange (ADX) General Index closed 0.78 per cent higher at 4,651.05.

First Abu Dhabi Bank (FAB) closed 2.58 per cent higher at Dh11.59. Abu Dhabi Commercial Bank closed 1.52 per cent lower at Dh6.5.

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

Dana Gas closed cent lower at Dh2.2.

Traders told to book profits

“Traders are advised to book partial profits as it tested its target of Dh0.90,” Prakash said.

FAB 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 at 7,857.46.

The Qatar exchange index closed 0.47 per cent lower at 8,711.91.

The Muscat MSM 30 index closed 0.92 per cent lower at 4,758.42.

The Kuwait index closed 0.21 per cent lower at 6,624.26. The Bahrain all share index closed at 1,325.63, down 0.70 per cent. Sensex (IN) 2.2 per