By: Mahmoud Gamal

Dubai-Mubasher: The UAE markets’ indexes started to technically turn negative, simultaneously with declining oil prices and falling global markets, analysts told Mubasher.

Abu Dhabi Securities Exchange (ADX) closed lower on Tuesday, as the banks and telecom sectors hit the minus column.

Dubai Financial Market (DFM) witnessed a downward trend on Tuesday due to declines in the banks sector led by Emirates NBD and Dubai Islamic Bank (DIB), in addition to losses by the real estate and telecom sectors.

The DFMGI is currently making a bad example in terms of vulnerability to heightening risk of global stocks and to oil losses, yet its position will be finally determined by whether the main index moves below the support level of 3,020 points, said technical analyst Ahmed Al-Zahouri.

Breaking below the support level, the index will fall to 2,850 point which is a low-risk level in terms of short-term bets.

Commenting on Abu Dhabi's stock market, Al-Zahouri noted that the main gauge may break below the support level of 4,060 points and move to 3,950 points.

The local indexes could be unpredictable as they reached critical resistance levels so buyers and shareholders are advised to be cautious, said Tarek Al Essawy, CEO of a financial consulting company.

Translated by: Julian Nabil