Bluechips offset losses on Dubai bourse

14/09/2017 05:59 AST

Mild buying in real estate firms helped the Dubai index from not closing in the negative zone. Gains in Emaar Properties and Damac Properties were nullified from losses in Arabtec, Dubai Islamic Bank.

Emaar Properties closed 0.8 per cent higher at Dh8.85, after the stock hit its highest level in three years.

“The trend remains extremely bullish, headed towards our initial target level of Dh8.90, later may pick up and hit its previous high at Dh10.25 in the short term,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities in a note.

Traders have been selling positions in other stocks to buy Emaar Properties, as they seek to take advantage of the potential dividend post the IPO of development unit.

In other stocks, Arabtec closed 1.3 per cent lower at Dh3.04. Damac Properties closed 0.78 per cent higher at Dh3.89. Gulf Finance House closed 1.64 per cent higher at Dh1.86. The Dubai Financial Market General Index closed 0.05 per cent higher at 3,654.61. The Abu Dhabi Securities General Index closed 0.37 per cent lower at 4,453.53. Rak Properties closed 1.39 per cent higher at Dh0.73.

“The stock was suggested a buy at Dh0.70, rallied to form a high of Dh0.74 yesterday, with next higher level seen at Dh0.80 near term,” Prakash said.

UNB witnessed sudden buying with traded volumes at 21 million shares, the highest since August 16.

Dana Gas closed at Dh0.81, up 1.8 per cent. The stock may target Dh1.20, said Prakash. Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.28 per cent lower at 7,379.62. The Muscat MSM 30 index closed 0.12 per cent higher at 5,016.610. The Qatar exchange index closed 0.52 per cent lower at 8,427.77.

Gulfnews