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Abu Dhabi index ended down, while Dubai and Saudi stocks ended half a per cent higher, even as investors eyed stability in global markets for raising exposure.
The Dubai Financial Market General Index closed 0.47 per cent higher at 3,558.82, while Saudi’s Tadawul index closed 0.74 per cent higher at 7,483.5.
“Markets are still waiting for clarity on global markets. We are seeing a lack of interest in building positions at current levels due to this uncertainty,” Marwan Shurrab, fund manager and head of trading at Vision Investments & Holdings said.
Analysts continued to have a bearish outlook on UAE indices.
“I still have negative outlook for UAE indices. If Dubai index breaches the support level of 3,389, we may see a new of 2,015,” said Osama Al Ashri, member of British organisation, Society of Technical Analysts.
Abu Dhabi is also negative, if it breaches support level of 4,190 during this month, we may see it falling below 4,000, said Al Ashri.
Abu Dhabi Securities Exchange General Index closed 0.50 per cent lower at 4,386.92.
In Dubai, Damac Properties closed 2.01 per cent higher at Dh3.55, while Arabtec closed 3.78 per cent higher at Dh1.92.
Damac Properties is an exceptional case and may hit resistance level Dh3.67 later this month, said Al Ashri, adding Arabtec may hit a new low at Dh1.5 by next few weeks. Gulf Finance House closed 0.19 per cent higher at Dh0.541.
Gulf Finance House is still an undervalued stock, and has potential for further upside, despite a weak wider market, Al Ashri said, adding “I don’t advise to buy Amlak Finance at current levels and may fall below Dh2 later this week.”
Amlak Finance closed 2.48 per cent higher at Dh2.07.
In Abu Dhabi, Aldar Properties closed 1.33 per cent higher at Dh2.29.
“Aldar Properties is trading in low risk area, and I don’t expect the stock see further downside,” said Al Ashri, adding I recommend to buy etisalat at support level of Dh12.50.
Elsewhere in Saudi Arabia, the Tadawul index closed 0.74 per cent higher at 7,483.5.
Tadawul index may go higher and hit a resistance level of 7,790, said Al Ashri, adding “on a medium and long-term chart, it is very negative, so I recommend to trade and not to keep buy position for long term.”
Elsewhere in the Gulf, Qatar Stock Exchange index closed 0.38 per cent higher at 11,319.98, while Muscat Securities MSM 30 index closed 0.45 per cent higher at 5,772.26.
Kuwait Stock Exchange index closed 0.77 per cent higher at 5,709.81.
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