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The UAE markets continued to remain sluggish on Wednesday awaiting fresh triggers, but maintained their overall positive outlook.
Traded value dwindled to Dh162 million, down from an average of Dh200-250 million. The Dubai index is still trading above the 50-day moving average of 3,616, despite buying and selling important bluechips like Emaar Properties, which has been active due to expectations of dividend from the company post the unit IPO.
The Dubai Financial Market general index closed 0.62 per cent lower at 3,632.54. “The index is headed towards the 3,680 level in the near term. Traders may look to hold select outperforming stocks while trailing the stop loss higher to the 50 Day SMA level,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities.
Most of the stocks moved in a narrow range, triggering frustration among traders who are stuck with positions. Shuaa Capital closed more than 2 per cent lower at Dh1.17. “The sideways range is expected to continue and only a break over the barrier of Dh1.24 shall extend gains in the near term,” Prakash said.
Amanat closed 0.8 per cent lower at Dh1.14. “Amanat is expected to witness a breakout, and may extend gains to Dh1.25/1.35 in the short term. Traders may look to buy with stop placed at Dh1.11 level,” said Prakash. Arabtec recovered to end almost flat at Dh2.93.
The Abu Dhabi Securities Exchange index closed 0.2 per cent lower at 4,455.09. “The index is still seen trading in the sideways down direction with immediate resistance intact at 4,505 level and support zone at 4,420 level,” said Prakash.
Aldar Properties closed 0.88 per cent higher at Dh2.30. Traded volumes stood at 8.29 million shares, the highest since August 3. Rak Properties closed 1.4 per cent higher at Dh0.72. Saudi Arabia’s Tadawul index was 0.42 per cent lower at 7,320.13.
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