DUBAI: Abu Dhabi index fell more than 1.5 percent on profit-taking along with Dubai index as investors resorted to profit-taking.
The Abu Dhabi Securities Exchange General Index ended 1.58 percent lower at 4,631.75, after hitting a low of 4,626.23. Shares worth Dh296 million were traded on the exchange.
“There was profit-taking activity after we saw resistance being built up post high turnover trading,” said Marwan Shurrab, fund manager and head of trading at Vision Investments & Holdings, adding “the main focus on Thursday was on banking sector.”
First Gulf Bank ended Dh15.15, down more than 3 percent after its first quarter results came in below expectations. Aldar Properties ended 3.50 percent lower at Dh2.76 due to profit-taking.
Out of a total of 30 companies traded on the exchange, shares of 18 companies fell, while shares of 8 companies rose.
Dubai index also extended early losses to end lower on profit-taking in property stocks like Damac, Union Properties and Emaar Properties.
The Dubai Financial Market General Index ended 1.09 percent lower at 4,088.09.
“The index has struggled to breach the resistance level of 4,200 thrice. If Dubai index breaches this resistance level, then we might see a new resistance of 4,388/4,500,” Osama Al Ashri, member of British organisation, Society of Technical Analysts told Gulf News.
Union Properties ended 2 percent lower at Dh1.47, while Damac Properties ended 0.32 percent lower at Dh3.10 after disclosing on Wednesday plans to pay cash dividends for this year and next. Emaar Properties ended 3.06 percent lower at Dh7.93 after it went ex-dividend.
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