Abu Dhabi: The Dubai Financial Market (DFM) index climbed 1.49 per cent on Thursday to end the day’s trade at 4,575.09, while the Abu Dhabi Securities Exchange (ADX) general index went up 0.62 per cent to reach 4,847.14.

Dubai powerhouse, Arabtec, gained 1.69 per cent to reach a share price of Dh4.20, bringing the company’s growth this week alone to 18.77 per cent.

Shares started the day at a price of Dh4.15, and increased slowly until 12.15pm when they reached their maximum of Dh4.31. However, this was followed by a steady drop until the market closed.

Other powerhouses in Dubai were also mostly in the green. Emaar rose 3.77 per cent, Union Properties went up 1.6 per cent, Dubai Investment Co gained 1.85 per cent, and the DFM share price increased 2.53 per cent.

Meanwhile, Gulf Finance House dropped 5.22 per cent.

Analyst Osama Al Ashry commented on market performance saying, “The trade value on DFM has improved compared to that on Wednesday but I still consider it quite low. Overall, this is a good weekly closing point, and it gives high hopes for next week.”

He explained the relatively low value of trade saying that many investors prefer not to trade in Ramadan due to religious reasons, while other investors are still wary of the markets.

“I expect the DFM index to approach the resistance level of 4,720 next week, but the market won’t get out of this high-risk state until the index reaches 4,888,” said Al Ashry, a member of UK organisation, Society of Technical Analysts.

Discussing individual stocks, the analyst said he expected Arabtec to trade in the Dh4 range on the short-term, but warned that its prices will drop again.

The resistance level for Union Properties is Dh2.17, which the stock is having trouble reaching. However, if reached, prices will continue to grow further.

Despite its drop on Thursday, Al Ashry expected GFH to increase steeply over the next few weeks, and attributed the fall to a correction following the sharp gains in the past few days.

As for ADX, Al Ashry said, “The market will be at risk if the index breaks the support level of 4,710, and there will be even further risk if the resistance of 4,500 is broken. If that happens, we can expect new lows in the market of around 4,280.”

Of the 32 stocks traded on DFM, 14 went up, 14 went down, and four remained unchanged. Of the 37 stocks traded on ADX, 16 advanced, 15 declined, six remained flat.