Dubai index jumps with Emaar shares, bucking trend

19/04/2017 05:58 AST

Dubai index jumped with Emaar Properties on Tuesday, bucking the regional trend, and shares of Gulf Finance House also rebounded. The Dubai Financial Market General Index closed 0.92 per cent higher at 3,495.82. Traded value jumped to Dh380 million.

As long as the Dubai index holds the level of 3,435, “we are fine”, said Hisham Khairy, head of institutional trading at Menacorp.

Emaar Properties, which was the second most actively traded stock, closed 3.32 per cent higher at Dh7.47.

Gulf Finance House (GFH) shares recovered. GFH closed 2.73 per cent higher at Dh2.26. Dubai Islamic Bank closed half a per cent higher at Dh5.88. DFM shares closed 1.81 per cent higher at Dh1.19. DP World closed 1.89 per cent higher at $21.51.

Arabtec which was suspended after an hour of trading closed 0.36 per cent higher at Dh0.84. “Arabtec’s chart looks pretty bad and would use any rallies to short, expect the stock to hit the Dh0.66 soon as long as the Dh0.95 resistance holds,” said Hisham Khairy, Head of Institutional Trading, Menacorp.

Out of a total of 34 stocks traded on the exchange, shares of 18 firms rose, while other 9 fell. The rest remained steady.

The Abu Dhabi index and other major regional indices, however, fell. Etisalat closed 1.97 per cent lower at Dh17.45. National Bank of Abu Dhabi closed 1.81 per cent lower at Dh10.85. Waha Capital closed 2.17 per cent lower at Dh1.80. Eshraq Properties closed 2.63 per cent higher at Dh1.17.

“Eshraq is the one that is still fighting, stock rebounded from the 50-day moving average of Dh1.13 into close on Monday, not sure how long it will hold specially that the positive news announced on Sunday hasn’t really affected,” said Khairy.

Out of a total of 28 stocks traded on the exchange, shares of 11 firms each rose and fell. Elsewhere in the region, Saudi Arabia’s Tadawul index closed 0.99 per cent lower at 6,942.38. The Qatar exchange index closed almost flat at 10,336.30. The Muscat MSM 30 index closed 0.30 per cent lower at 5,528.06.

Gulfnews