01/05/2015 11:05 AST
Dubai index extended gains for another session on Thursday, sustaining above the keenly-watched 4,200 mark, helped by recovering crude oil prices amid mixed set of results.
The Dubai Financial Market General Index ended 0.33 per cent higher at 4,229.04, after moving in the range of 4,205.12-4,253.28.
“Dubai index has shown strength after the breach of 4,200 level and the continuation of high turnover and dedicated inflows on daily basis is supporting the market to extend its gains,” said Marwan Shurrab, fund manager and head of trading at Vision Investments & Holdings.
Gulf Finance House, which contributed to at least 30 per cent of the total trading on Thursday, ended 3.27 per cent higher at Dh0.821.
Dubai Islamic Bank also edged higher at 0.29 per cent at Dh6.96, while Emaar Malls Group, a unit of Emaar Properties, ended 1.58 per cent higher at Dh3.22 after the company recorded a more than 30 per cent increase in net profit for the first quarter to March. Its parent, Emaar Properties ended 1.10 per cent higher at Dh8.24. Out of a total of 34 stocks traded on the exchange, shares of 14 companies fell, while shares of 15 companies rose.
Consolidation:
“Abu Dhabi Securities Exchange (ADX) General Index has been unable to reach the resistance level of 4,749, and may consolidate in the current range,” said member of British organisation, Society of Technical Analysts.
The ADX general index ended 0.67 per cent lower at 4,647.12. National Bank of Abu Dhabi ended 0.80 per cent lower at Dh11.1. The lender reported a nearly flat quarterly profit on Wednesday, though it said growth in operating expenses would moderate in the remainder of 2015 after surging 29 per cent in the first quarter.
Aldar Properties ended flat at Dh2.76. Out of a total of 29 companies traded on the exchange, shares of 14 companies fell, while shares of 5 companies rose.
Elsewhere in Saudi, Tadawul All Share Index ended 0.23 per cent higher at
9,834.49, nearing the keenly watched 10,000 mark.
Saudi Basic Industries ended 1.79 per cent higher at 108.75 Saudi Riyals. Alinma Bank ended 1.03 per cent higher at 24.55 Saudi Riyals.
Elsewhere in the Gulf, Qatar Exchange Index ended 0.68 per cent lower at 12,164.48, while Muscat Securities MSM 30 index ended 0.13 per cent lower at 6,322.50.
In Qatar, telecommunications operator Ooredoo rose nearly 2 per cent to be at 99.5 Qatari Riyals.
It reported a 43 per cent fall in first-quarter profit to 501 million riyals ($137.6 million) on Thursday.
Kuwait Stock Exchange Index ended 0.16 per cent higher at 6,377.
Gulf News
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