Dubai index gains after Iran deal

06/04/2015 07:15 AST

Buoyed by positive sentiment from the conclusion of an Iranian nuclear deal on Thursday, Damac Poperties led the gains on the DFM on Sunday, becoming the most active stock in trade.

The company ended 8.04 per cent higher to be at Dh2.42 after it said it was eyeing an equity position in the London project as a means of it entering the highly attractive UK market.

Damac Properties was the most active stock in terms of value in trade followed by Arabtec, which ended 3.32 per cent higher at Dh2.49, following a deal with Egypt’s Ministry of Housing to build one million homes in that country for Dh134,778 billion.

Emaar Properties rose 0.42 per cent to be at Dh7.09. Out of a total of 32 companies traded on the exchange, shares of 21 companies rose, while the shares of seven companies fell.

In Abu Dhabi, the general index ended 0.08 per cent higher at 4,542.16. ADX index is trading in low risk area, and if it breaches the resistance level of 4,769, it may witness further upside, said Osama Al Ashri, member of British organisation, Society of Technical Analysts.

First Gulf Bank may resistance level of Dh15.5, Aldar Properties can hit resistance level of Dh2.67 within two weeks, said Al Ashri.

FGB ended at Dh15, up 1,35 per cent, while Aldar Properties ended 1.5 per cent higher at Dh2.52.

Out of a total of 29 companies traded on the exchange, shares of 11 companies rose, while shares of 14 companies fell. Shares of the rest four companies remained unchanged.

In other markets, Qatar Exchange Index ended 0.55 per cent higher at 11,763.56, while Muscat Securities MSM 30 Index ended 0.30 per cent higher at 6,287.32.

On the Saudi market, ANB Insurance ended 6.66 per cent higher at 68.75 Saudi Riyals, while Walaa Insurance ended 2.55 per cent higher at 20.5 Saudi Riyals. Al Hokair

Group ended 2.1 per cent higher at 74 Saudi riyals.

Alinma ended 2.2 per cent lower at 21.3 Saudi Riyals, while Saudi Basic Industries, the biggest petrochemical producer, ended 1.49 per cent lower at 79.25 Saudi riyals. Ethihad Etisalat ended 0.78 per cent lower at 36.9 Saudi riyals.

Al Khodari ended 1,87 per cent lower at 28.3 Saudi riyals, after it recommended paying a cash dividend of 0.5 riyal per share for 2014.

Bahrain Bourse All Share Index ended 0.32 per cent higher at 1,432.79.

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