Qatari stocks edged lower on Tuesday following global peers. However, Bahrain stocks were up nearly 1 per cent, extending gains for another session.
Qatar exchange index closed 0.16 per cent lower at 9,964.26, after trading in the range of 9,939.86-10,006.84.
“Qatar index may continue to fall further, and may test resistance level of 10,000 and may fall from that level to support level 9,719,” Osama Al Ashri, member of British organisation, Society of Technical Analysts, said.
Qatar Islamic Bank closed 0.83 per cent higher at 97.00 riyals. Trading volumes were low as traders preferred to stay on the sidelines during the traditionally slow Ramadan and Eid holidays. Markets in Qatar will be shut for three days starting Wednesday through Sunday. Trading will resume on Monday.
Bahrain’s All Share Index closed 0.85 per cent higher at 1,152.49, after moving in the range of 1,141.81-1,152.80.
Back home, UAE markets were shut for Eid holidays, and trading would resume on Sunday. Dubai may witness consolidation in between 3,233-3,475, said Al Ashri, adding if Abu Dhabi index breaches resistance level of 4,590, “we may go up again to resistance level 4,767”.
Dubai Parks and Resorts hit a record high of Dh1.59 on Monday, and the stock may extend gains to Dh1.67 by next week, said Al Ashri.