Dubai index falls more from key resistance level | GulfNews.com:
The Dubai index extended losses on Thursday after the gauge struggled to breach the key technical indicator amid continued pressure on Emaar Properties, which has the highest weightage on the index.
The Dubai Financial Market General index closed 0.83 per cent lower at 2,791.71. The Dubai index had been struggling to breach its 50-day moving average of 2,855. The index had earlier attempted to breach the important level for five consecutive times since Mid-August.
“The Dubai index may extend fall back towards the previous low at 2,727,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities said. Emaar Properties closed 2.98 per cent lower at Dh4.88. Dubai Islamic Bank closed 0.56 per cent lower at Dh5.32.
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