Renewed buying seen on Dubai bourse across sectors

24/01/2018 07:44 AST

Continued buying was seen across all counters on the Dubai bourse on Tuesday as traders resorted to renewed buying from lower levels. Emaar closed flat after taking dividend into consideration.

Union Properties closed 2.33 per cent higher at Dh1.010, and was the most actively traded stock. Gulf Finance House closed more than 3 per cent higher at Dh1.52. DP World closed half a per cent lower at $26.65. In other stocks, Drake and Scull closed 2.8 per cent higher at Dh2.2.

Despite a positive close in 22 stocks on the bourse, the Dubai Financial Market General index closed 0.65 per cent lower at 3,478.70 due to weakness in Emaar Properties, which adjusted to the special dividend of Dh0.42. Emaar Properties with more than a fifth weigtage on Dubai index closed 5.79 per cent lower at Dh6.83.

DXB Entertainments closed flat at Dh0.659. “DXB Entertainments may see a recovery back towards the higher resistance zone at Dh0.68/0.71,” said Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities. FABS had a technical sell call at Dh0.72 last week.

Emaar Malls closed 1.29 per cent higher at Dh2.36. “Emaar Malls is testing support around the Dh2.30, good buying opportunity around here to target the Dh2.45,” said Hisham Khairy, head of institutional trading at Menacorp.

“Emaar Development has been quiet in the past couple of sessions, held support around the DhD5.60, tested resistance yesterday around the Dh5.77, could break that resistance soon and target the recent Dh5.93 high,” Khairy said.

The Abu Dhabi Securities Exchange closed 0.31 per cent higher at 4,643.69. Abu Dhabi Islamic Bank closed 1.01 per cent higher at Dh3.99. Abu Dhabi Commercial Bank closed 0.27 per cent higher at Dh7.40.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed at 7,493.90, up 0.17 per cent. The Qatar exchange index closed 0.47 per cent higher at 9,254.61. The Muscat MSM 30 index closed at 4,978.01, down 0.22 per cent.

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