Buying in Arabtec, Emaar supports Dubai index

20/04/2017 05:39 AST

Buying in Arabtec and Emaar Properties supported Dubai index on Wednesday, while Abu Dhabi index jumped nearly a per cent.

Arabtec shares closed 10.83 per cent higher at Dh0.931. Traded volumes in Arabtec jumped to 120 million shares, the highest level since February 22.

“Today’s spike up with increased volume hints at further recovery and the share may witness bullish breakout to target Dh1/1.17 in the short term,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities, in a note.

“Traders who bought near the support level at Dh0.834 may either look to book partial profits or trail the stop loss higher to Dh0.885 level and hold for the next higher targets,” Prakash said.

Emaar Properties closed 1.34 per cent higher at Dh7.57.

“Emaar breached the buy trigger level of Dh7.50, and the stock may extend the recovery towards the previous high at Dh7.79 in the short term,” Prakash said. The Dubai Financial Market General Index closed 0.28 per cent higher at 3,505.70.

“The short-term trend shall turn up only when we break over the 50-day moving average at 3,550,” Prakash said.

Out of a total of 35 stocks traded on the bourse, shares of 18 rose, while other 13 shares fell. The Abu Dhabi Securities Exchange general index closed 0.83 per cent higher at 4,531.63. Union National Bank closed 6.56 per cent higher at Dh5.20. Etisalat closed 1.15 per cent higher at Dh17.65. Bank of Sharjah closed 0.16 per cent higher at Dh1.41. National Bank of Abu Dhabi Bank closed 0.92 per cent higher at Dh10.95. Abu Dhabi Commercial Bank closed 0.28 per cent higher at Dh7.04. Taqa or Abu Dhabi Energy closed 5.66 per cent higher at Dh0.56.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.08 per cent higher at 6,948.06. The Qatar exchange index closed flat at 10,336.30. The Muscat MSM 30 index closed 0.31 per cent lower at 5,511.10.

The Kuwait stock index closed 1.4 per cent lower at 6,788.03.

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