Sunday, Sep 13, 2015

Dubai:

Abu Dhabi index closed flat on Sunday helped by Etisalat ahead of effective date for foreign traders to own its shares directly, while Dubai index closed more than 1.5 per cent lower as investors positioned themselves ahead of the US Federal Reserve announcement.

The Abu Dhabi Securities Exchange General Index closed 0.32 per cent higher at 4,552.22, while the Dubai Financial Market General Index closed 1.50 per cent lower at 3,566.80.

“Markets were a bit soft today particularly the UAE and Qatar. The markets would remain range bound given that the announcement expected from the US Federal Reserve by end of this week,” Muhammad Shabbir, head of equity funds & portfolios at Rasmala Investment Bank.

The US FOMC will meet on Wednesday and Thursday to decide on the interest rates, and many analysts expecting a status quo, and a rate hike only in December.

In stock specific action, Amlak Finance fell 5.99 per cent at Dh2.04, while Damac Properties closed 1.69 per cent lower at Dh3.48.

Amlak Finance may hit a new level if it breaches support level of Dh1.89, while Damac Properties may hit support level of Dh3.31.

Emaar Properties also fell 1.10 per cent at Dh6.30, while Arabtec also ended 2.63 per cent lower at Dh1.85.

Out of a total of 34 stocks traded on the exchange, shares of 33 firms fell, while the rest remained steady.

Etisalat ended less than half a per cent lower at Dh14.90, while Aldar Properties also ended almost flat at Dh2.43.

“Etisalat may face strong resistance at Dh15.57, while Aldar Properties may witness consolidation in this area, and may witness a downtrend if it breaches resistance level of Dh2.5,” Al Ashri said.

National Bank of Abu Dhabi also ended almost flat at Dh9.90.

Bearish:

Analysts painted a bearish picture for UAE indices going ahead.

“Dubai may witness new low, and hit a low of 3,389, so I recommend to avoid any buy positions,” Osama Al Ashri, member of British organisation, Society of Technical Analysts, adding “If Abu Dhabi index breaches support level 4,467, it may hot a new lof 4,291.”

Elsewhere in Saudi, the Tadawul index may hit support level of 5,790 by next quarter, said Al Ashri.

Qatar exchange index closed 1.65 per cent lower at 11,657.27, while Muscat index closed 0.09 per cent lower at 5,795.71.

By Siddesh Suresh ?Mayenkar Staff Reporter

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