#Dubai stocks sees broad-based aggressive selling

Dubai stocks sees broad-based aggressive selling:

Dubai stocks witnessed broad-based aggressive selling on Tuesday ahead of the fourth quarter result season, triggering a near 1.5 per cent fall in the Dubai index.

The selling started with Damac Properties and then engulfed other property stocks such as Emaar Properties. The Dubai Financial Market General index (DFMGI) closed 1.45 per cent lower at 2,490.55. This fall dashed hopes of traders, who had been nursing losses, thought the recent recovery of more than 5 per cent in the past 20 sessions would sustain for a longer period of time.

“The outlook for DFM index remains firmly bearish and any recovery shall draw sellers at well-defined resistance levels. We shall head lower to the next support at 2,330,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities, said in a note.