Abu Dhabi Index Stabilises
Dubai stocks fell more than 1 per cent after a strong rebound in the previous session, even as analysts warned of a weak outlook going ahead. Abu Dhabi shares closed almost steady.
“International markets are very soft, Asian, and other markets closed lower, and even oil is in negative teritorry, so people are a bit cautious,” Muhammad Shabbir, head of equity funds & portfolios at Rasmala Investment Bank.
The Dubai Financial Market General index closed 1.44 per cent lower at 3,507.27, after gaining 6 per cent in the previous session.
The Abu Dhabi Securities Exchange General Index closed almost steady at 4,329.94, down 0.10 per cent. “Abu Dhabi Securities Exchange general index is still under until it breaches resistance level of 4,579 before end of this month, so I see the market under risk and may the index might record new low,” Osama Al Ashri, member of British organisation, Society of Technical Analysts. Details