Bourses need catalyst say brokers as UAE markets dip

CLOSING BELL: Dubai and Abu Dhabi's bourses both closed the day having fallen with analysts citing the lack a catalyst to move the markets today.

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Dubai's measure reversed gains made during the first half of the trading session, as the markets were challenged by technical barriers, brokers said.

The Dubai Financial Market General Index closed 1.1 per cent lower to 1600.04. The index initially opened up 0.06 per cent higher at 11:06 am.

"The trend says in the short term that it looks like we're in an area between a resistance and support point," said Mohammed Ali Yasin, chief investment officer of CAPM Investments in Abu Dhabi. "We need a catalyst or a support point to push the market one way or another, which has not materialised today," he said.

Emaar Properties traded down 0.6 per cent to Dh3.39 a share. Dubai Financial Market Company, the Arab world's only listed exchange, lost 2 per cent to Dh1.46.

In Abu Dhabi, the index closed 0.3 per cent lower to 2695.19. Dana Gas closed 2.7 per cent higher to 74 fils, after Syria's deputy Oil Minister Hassan Zainab said the company had bid for rights to explore for oil in eight blocks in the country. "Foreigners were buying Dana today," Mr Yassin said.

Elsewhere in the region, Kuwait's measure traded up 1.8 per cent to 6918.50. Bahrain's index lost 0.1 per cent to 1426.34. Oman's measure gained half a per cent to 6753.62. Qatar's bourse lost 0.1 per cent to 8720.61. The Saudi Tadawul All-Share Index dipped 0.4 per cent to 6581.90.