JEDDAH/DUBAI: Dubai’s index slumped to a 10-week closing low on Tuesday, weighed by a lack of market-moving news ahead of Eid holidays.

Analysts said that investors would be unwilling to open new positions before the Eid Al-Adha break, which begins on Thursday in the Gulf.

In Dubai, key stocks extended losses from earlier in the week. Bellwether Emaar Properties slipped 2.8 percent, while Dubai Financial Market fell 3.6 percent.

“After the strong opening in Europe yesterday (Monday), people started buying Emaar ... in the hope of making (gains),” said Chamel Fahmy, Beltone Financial regional senior sales trader. “With Asia trading lower that didn’t happen, so people sold because there’s not much time before Eid.”

Dubai’s benchmark retreated 1.9 percent to 2,071 points, its lowest close since Sept. 15.

Real estate stocks weighed on Abu Dhabi’s benchmark index as well, which ended down for the fourth session in five.

Sorouh Real Estate declined 1.9 percent and Aldar Properties slipped 0.6 percent.

“November has been a vacuum in terms of news to move the market and there isn’t anyone to lead the market, whether it’s foreign or local institutions,” said Mohammed Yasin, chief executive of Shuaa Securities. The index dropped 0.5 percent to 2,894 points.

“Wednesday will be the last day of trading before the Eid holidays, so most traders want to get their money out of the market to re-enter after the vacation in case things go wrong... on global markets,” says Khaled Feda, senior officer for asset management at Riyadh-based Bakheet Investment Group “It’s a conservative strategy.”

Among the gainers, Kuwait’s Zain climbed 4.2 percent and Agility climbed 2.4 percent, in a mini rebound after last week’s pounding. “It’s part of the same trend — Zain was sold off pretty sharply, so this could be a natural rebound coming through,” said Shahid Hameed, Global Investment House head of asset management for the Gulf region.

The index advanced 1.1 percent to 6,869 points, its biggest one-day gain in three weeks, amid higher volumes.

Saudi Arabia’s index and Bahrain’s benchmark ended marginally higher, but Qatar’s measure and Oman’s index also fell.

The benchmark Qatari index declined 1.5 percent to 7,151 points. The Omani index eased 0.04 percent to 6,394 points, while the Bahraini index rose 0.1 percent to 1,449 points.

The Tadawul All-Share Index (TASI) rose 0.2 percent to close at 6,303.81 points with more visible losses on the sector front. Seven of the fifteen sectors closed with losses on Tuesday, which ranged from 0.07 percent in the Media & Publishing sector to 0.83 percent in the Hotel & Tourism sector. On the positive side, sector gains saw increases that were also relatively modest, ranging from 0.01 percent in the Retail sector to 1.99 percent in the Agriculture & Food Industries. Overall market breadth however has reversed, with 54 advancers and 56 decliners giving a neutral to negative market breadth, and registering an AD ratio of 0.96, the Jeddah-based Financial Transaction House (FTH) said in it daily market commentary on Tuesday.

“Looking abroad for good news, we notice that oil prices are little changed ahead of forecasted increase in crude oil inventories. With analysts predicting that oil prices will peak $80 between now and the end of the year, we may have to look elsewhere for positive news to support the market, “ Faisal H. Alsayrafi, managing director & CEO of FTH, said.

— With input from agencies