Dubai's index DFM fell for a fourth day in five, slumping to a 17-day closing low as investors dumped shares after the market broke a technical resistance level, while Abu Dhabi's benchmark ADI slumped to a month low. Dubai Financial Market DFM dropped 2.6 percent, while Dubai Islamic Bank plunged 7.8 percent after going ex-dividend. Six stocks fell by more than 2 percent. “The market broke a technical support (at 1,800 points), sparking a further wave of profit taking, but at the end of the session some buyers did step in,” said Chamel Fahmy, Beltone Financial regional senior sales trader. Dubai's index fell 1.9 percent to 1,765 points, recovering from an intraday low of 1,751 because there is no fundamental news - it will be technically-driven until we get some Q1 figures,” Fahmy said. “The market moved up aggressively after Dubai World, but then day by day the market started to come off and investors lost confidence, which sparked more selling - the market is mainly about retail traders.” The index was down 6.1 percent since March 28 and is now below its March 24 close, the last day's trading before Dubai World unveiled a debt restructuring offer. Abu Dhabi's index ADI declined for a third session in four, falling 0.7 percent to 2,823 points, its lowest finish since March 9. Aldar Properties dropped 3.5 percent. Investors booked gains in Ahli United Bank (AUB), weighing on the Kuwait KWSE and Bahrain BAX benchmarks, but Qatar's index QSI edged up to a new 17-month closing high. AUB's Bahrain listing plunged 9 percent and its Kuwait listing fell 4.2 percent. Both hit 17-month highs this week ahead of a slated stake sale. Kuwait Finance House dropped 1.7 percent, but a late rally enabled Zain and National Bank of Kuwait to gain 1.5 and 1.6 percent respectively. The index slipped 0.07 percent to 7,570 points, its first decline for five sessions. Doha's benchmark climbed 0.1 percent to 7,635 points, its highest finish since Oct. 22, 2008. Bahrain's measure fell 2 percent to 1,574 points, its biggest decline since July 13.
