Dubai index jumps more than 1% above 3,800 levels

15/04/2015 00:34 AST

Dubai index jumped more than 1 per cent on Tuesday helped by positive leads from crude oil even as Dubai Investments jumped more than 5 per cent.

The Dubai Financial Market General Index jumped 1.42 per cent to be at 3,828.99. Volumes were at Dh623 million.

“This resistance area of 3,793 was strong and we already have seen a breakout, it may reach 4,200 levels,” said Osama Al Ashri, member of British organisation, Society of Technical Analysts.

Dubai Investments ended 5.09 per cent higher at Dh2.89 ahead of Wednesday’s dividend deadline for registration.

“Investors may book profits at current levels, as Dubai Investments may go down to Dh2.5 again after the payout,” said Al Ashri.

Emaar Properties ended 0.28 per cent lower at Dh7.21 ahead of its shareholder’s meeting on Wednesday. Arabtec, another construction major, ended 2.28 per cent higher to be at Dh2.69.

Gulf Finance House (GFH) ended 2.20 per cent lower to be at Dh0.222 after a statement, that said they will review its listing on the London Stock Exchange and Kuwait Stock Exchange. The company said in a statement on Tuesday that no decision has been taken, and any decision will be in the interest of its shareholders.

“The outlook is negative for GFH. There could be some correction in GFH after the capital reduction plan takes effect next week,” Al Ashri said.

Out of a total of 36 companies traded on the exchange, shares of 29 companies rose, while shares of 7 companies fell.

The Abu Dhabi Securities Exchange General Index ended 0.04 per cent higher at 4,591.27.

“Abu Dhabi is still trading in a risky area, and needs to breach resistance level of 4,720 for an up move to 5,000,” Al Ashri said.

Abu Dhabi Commercial Bank (ADCB) ended 0.42 per cent lower Dh7.150, after hitting a record of Dh7.29.

“ADCB has recorded a double bottom on medium term chart, so I see a new high next few weeks around Dh8.05,” Al Ashri said.

Out of a total of 27 companies traded on the exchange, shares of 10 companies rose, while shares of 12 companies fell.

Gulf News