Bluechip buying keeps Dubai index supported

18/05/2017 05:58 AST

Buying in bluechips like Emaar Properties helped Dubai index to eke out gains. Saudi Arabia’s Tadawul index, however, was steady.

The Dubai Financial Market General Index closed 0.54 per cent higher at 3,395.06. Emaar Properties, which was the actively traded stock, closed 1.35 per cent higher at Dh7.52.

Shares worth Dh51 million changed hands in Emaar Properties, contributing to 23 per cent of the total traded value of Dh214 million.

Damac Properties gained for another session, helped by the news of its inclusion in the MSCI Emerging market index. The share closed 2.5 per cent higher at Dh2.87.

“Value buying lifted Damac higher from the neckline support, and it later tested the trendline resistance level at Dh2.84, poised for further gains and target Dh3.00/3.33 in the medium term. Investors may look to hold and add on dips,” Shiv Prakash, senior analyst with National Bank of Abu Dhabi said in a note.

Marka closed more than 3 per cent higher at Dh0.736. Arabtec rights fell to hit a lower circuit for a second day in a row. Arabtec rights closed 9.88 per cent lower at Dh0.073. Arabtec shares, however, witnessed buying. Arabtec closed 0.68 per cent higher at Dh0.725. Gulf Finance House closed 1.82 per cent higher at Dh2.24. Emaar Malls closed 1.17 per cent higher at Dh2.59.

Out of a total of 36 stocks, shares of 18 firms rose, while other 15 firms fell. The rest remained steady. The Abu Dhabi Securities Exchange general index closed 0.25 per cent higher at 4,593.72. “Only a break over the 4,620 resistance may ignite next leg up towards the 4,710 barrier,” Prakash said.

First Abu Dhabi Bank was steady at Dh11.30. Abu Dhabi Commercial Bank closed 0.50 per cent lower at Dh7.31, while Etisalat closed 0.86 per cent higher at Dh17.65.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.02 per cent lower at 6,938.90. The Qatar exchange index closed 0.19 per cent higher at 10,144.89.

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