By: Mahmoud Gamal
Dubai-Mubasher: The UAE markets maintained their losses for the second session in row on Thursday amid selling pressures and exchange of positions in selective stocks, especially in the real estate and banks sectors, according to analysts.
Dubai Financial Market (DFM) lost 0.42% or 13.27 points to reach 3,124.07 points.
Emirates NBD fell 1.4%, followed by Emaar Properties and Arabtec Holding at 1.23% and 0.8%, respectively.
Turnover reached AED 384.15 million ($97.4 million) on Thursday, compared to AED 715.62 million ($194.8 million) on Wednesday. Turnover stood at 357.9 million shares, compared to 794.56 million shares.
Abu Dhabi Securities Exchange (ADX) fell 0.73% or 31.27 points to close at 4,251.18 points.
Investors have fears over oil price drop and forecasts of lower global economy gowth, said capital market analystHamoud al-Shammari.
Citi Foundation cut its forecasts for the world economy to 2.5% in 2016.
First Gulf Bank was the worst performer with a 2% decline, while Aldar Properties levelled down 0.4%. Meanwhile, Etisalat increased 0.3%.
The DFMGI sees important support level at 3,124 points, yet breaking below such level will lead the index to target 2,998 points, said technical analyst Yasser Ali.
He added that the resistance level for Dubai market’s index stands at 3,188 points.
Commenting on Abu Dhabi’s market, the main gauge sees resistance at 4,313 points.
Dubai Investments was the value leader after generating AED 42.83 million from trading 22.6 million shares though 265 transactions. The stock advanced 0.53%.
Turnover amounted to AED 276.58 million ($75.28 million) on Thursday, compared to AED 385.56 million ($104.7 million) on Wednesday.
Manazel Real Estate was the most active company after generating AED 75.7 million, with trading volume of 122.5 million shares exchanged through 613 transactions.
Ali added that liquidity in Abu Dhabi market is still steady, yet Aldar Properties saw high turnover after reaching AED 2.51.
Translated by: Julian Nabil
