Dubai index stuck in a 50-points range

15/03/2018 05:59 AST

Dubai index moved sideways for another session, closing in on the same range as seen in the past three sessions.

The Dubai Financial Market General Index closed 0.02 per cent lower at 3,167.22. The index has been trading in a tight range of 3,150-3,200 since the past seven sessions.

Most of the stocks were stuck in a tight range. Dubai Islamic Bank closed flat at Dh5.41. Emirates NBD closed 0.48 per cent higher at Dh10.50. “DIB may see some selling pressure as it suffers from the comparison with Emirates NBD, whose shares are increasingly supported by an acquisition rather than a simple desire to increase its operational profitability,” Menacorp said in a morning note.

Emaar Properties closed 1 per cent lower at Dh5.79. Drake and Scull closed 2 per cent higher at Dh1.84. Emaar Development closed 0.49 per cent lower at Dh5.03.

Air Arabia closed flat at Dh1.32. “Air Arabia should continue to gain in the coming session after thethe airline announced 10 per cent cash dividend and a week after disclosing record profit for 2017,” Menacorp’s note added.

The Abu Dhabi Securities Exchange general index closed 0.41 per cent lower at 4,519.12. Agthia closed 4 per cent higher to Dh4.6. Taqa closed 2.99 per cent higher to Dh0.69. Julphar Pharma closed 8.7 per cent lower to Dh2.1. Elsewhere in the Gulf, Tadawul index in Saudi Arabia closed 0.02 per cent lower at 7,775.42.

Alinma Bank closed 0.20 per cent higher 20.16 Saudi riyals.

Bullish breakout in Alinma Bank shares over the 50 day moving average turned it up, expected to extend gains towards 20.86 riyals, and then break over shall target 23.50 riyals in the short term, First Abu Dhabi Bank Securities said in a note.

Saudi Basic Industries closed at 110.20 riyals, down 0.58 per cent.

National Commercial Bank closed 1.11 per cent higher to 64 riyals.

The trend in NCB is up, and the stock is headed towards its previous high at 72.75 riyals and later may target 79.60 riyals in the medium term, the FABS note said.

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