27/07/2016 05:47 AST
The Dubai index remained above the keenly watched support level of 3,516 as traders bought shares of Aramex after a stake sale report and du ahead of results.
The Dubai Financial Market General Index ended 0.44 per cent lower at 3,539.83, after hitting a high of 3,559.61.
“The Dubai index witnessed sideways movement in trade. But the index was successful in floating above the 3,500 mark because of buying in Aramex and Du,” said Shiv Prakash, a senior analyst at National Bank of Abu Dhabi Securities.
Aramex jumped the most on the Dubai bourse after Bloomberg reported its founder had sold a 9.9 per cent stake in the company to Gulf investors — including Emaar chairman Mohammad Alabbar.
Aramex ended 5.54 per cent higher at Dh3.81, while Du closed 1.46 per cent higher at Dh6.93.
Among other stocks, Dubai Parks and Resorts continued its gain streak, ending 0.59 per cent higher at Dh1.70. Dubai Islamic Bank closed 0.18 per cent lower at Dh5.43. Arabtec ended 0.6 per cent lower at Dh1.50. Out of a total of 35 stocks traded on the exchange, shares of 26 firms fell, while six others rose.
The Abu Dhabi Securities Exchange General Index closed 0.49 per cent lower at 4,591.73. Abu Dhabi Commercial Bank witnessed a breakout at Dh6.45 and hit a high of Dh6.58 with increased volumes.
Aldar Properties closed nearly 2 per cent higher at Dh2.90.
Out of a total 26 stocks traded on the exchange, shares of eight firms rose, while 12 firms fell.
Uptrend
“The main trend is up and any weekly close over the neckline resistance of 3,560 shall ignite another leg up towards the higher target levels of 3,600/3,900 in the medium term,” Prakash said, adding “however, only a close below 3,516 shall form a near term top to target the 3,480 support zone”.
Helped by stable crude oil prices, the Dubai index has held on to its higher levels, gaining 12.34 per cent since the start of the year.
The Abu Dhabi index has, however, lagged in performance, gaining only 6.6 per cent since January 1.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul all-share TASI index was 0.69 per cent lower at 6,470.82. The Qatar exchange index closed 0.15 per cent lower at 10,537.75.
The Muscat Securities MSM 30 index closed almost steady, ending 0.03 per cent lower at 5,810.49.
Kuwait’s index closed 1.64 per cent higher at 5,484.20.
The Bahrain bourse’s all-share index was 0.35 per cent higher at 1,159.89.
In the wider Middle East, the Egyptian EGX 30 index closed 0.30 per cent higher at 7,539.99.
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