Investment buying in bluechip supports Dubai index

19/09/2017 05:38 AST

Investment buying in bluechip spurred the Dubai index again, with traders prefering to buy at every dip. The Dubai Financial Market General Index closed 0.79 per cent higher at 3,660.48.

Emaar Properties hit a new 52-week high of Dh8.95 after the company said it would offload 30 per cent stake in a development unit. Emaar Properties closed 2.17 per cent higher at Dh8.93. Dubai Islamic Bank (DIB) closed at 0.97 per cent higher at Dh6.25.

“DIB broke intraday the Dh6.20 resistance [on Sunday] on increased volume but couldn’t close above due to rest of market weakness, most likely we will have a clear break this week,” said Hesham Khairy, head of institutional trading at Menacorp.

About 25.88 million shares of Gulf General Investment Co. (Ggico) were traded, the highest since January. GGICO shares hit a high of Dh0.40, before closing at 0.385, up 5.77 per cent.

Dubai Entertainments closed 6 per cent higher at Dh0.835, while Gulf Finance House closed at Dh1.78, down 1.11 per cent.

The Abu Dhabi Securities Exchange general index closed at 4,453.01, up 0.14 per cent. Abu Dhabi Islamic Bank closed 1.57 per cent higher at Dh3.87.

“ADIB may head towards Dh4.00/4.20 in the short term. Traders may look to hold buy positions, trailing the stop at breakeven of Dh3.67,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities in a note.

Prakash suggested a buy on ADIB at Dh3.67 on August 28. First Abu Dhabi Bank closed 0.48 per cent lower at Dh10.35.

Dana Gas closed flat at Dh0.78. Dana Gas could still continue its move lower and close the gap around the Dh0.70,” said Khairy.

Elsewhere in the Gulf, Tadawul index in Saudi Arabia closed 0.16 per cent lower at 7,393.39. The Qatar exchange index closed 1.15 per cent lower at 8,278.76.

Gulfnews