Dubai: Dubai index fell nearly a per cent, extending losses for another session led by losses in Emaar Properties and others.

The Dubai Financial Market General Index closed 0.98 per cent lower at 3,304.20. “The index was dragged down by bluechips,” said Vijay Harpalani, assistant fund manager, Asset Management Al Mal Capital.

Emaar Properties closed more than 1.90 per cent lower at Dh6.72. Dubai Financial Market shares fell 0.87 per cent lower at Dh1.14.

“The DFM share may hit a low of Dh1.08. Traders may look to hold the sell positions and only a close of over Dh1.19 shall be considered bullish,” said Shiv Prakash, technical analyst with National Bank of Abu Dhabi Securities, in a daily report.

Arabtec closed more than 2 per cent lower at Dh1.29. Dubai Entertainments closed 1.25 per cent lower at Dh1.58.

“Traders who booked profits may look to re-enter from the lower support zone,” said Prakash. Gulf Finance House closed 0.85 per cent higher at Dh1.18. Out of a total of 35 stocks traded on the exchange, shares of 23 firms fell, while those of eight rose. The rest remained steady.

Bearish

“The main trend (in Abu Dhabi index) still remains bearish, the index is struggling to find support over the 50 per cent retracement level of 4,216,” Prakash said.

The Abu Dhabi Securities Exchange General Index closed 0.03 per cent higher at 4,265.83. Aldar Properties closed 0.07 per cent lower at Dh2.63.

Out of a total of 23 firms traded on the exchange, shares of 14 declined, while other four remained steady. “The index would remain rangebound until we have clarity on US elections, and Opec meeting,” said Harpalani.

US elections are due in a couple of weeks, while the Opec decision on the output cuts is expected to be made on November 30.

Elsewhere in the Gulf, the Tadawul index closed 0.04 per cent higher at 5,884.99, after gaining for five straight sessions. The Qatar exchange index closed 0.40 per cent lower at 10,362.69. Muscat Securities MSM 30 index closed 0.17 per cent lower at 5,513.70. Kuwait Stock Exchange index closed 0.27 per cent higher at 5,403.70.