Dubai: Abu Dhabi index led regional gains on Thursday with its turnover jumping to its highest level since January as traders increased bets on risky stocks amid surging oil prices and dovish statements from the US Federal Reserve.

The Abu Dhabi Securities Exchange General index closed 3.09 per cent higher at 4,478.73, and turnover surged to Dh956 million, more than double in the previous few sessions.

“Local markets are just replicating the jump in international markets along with the rebound in commodities in general, and this has increased appetite for riskier asset class,” Tariq Qaqish, head of asset management at Al Mal Capital told Gulf News. “More liquidity in the system would create appetite for riskier asset class.” In stock specific action, etisalat witnessed profit-taking, and closed 4 per cent lower at Dh18.10. International index compiler FTSE Russell will add Etisalat to its All-World and other indexes after the close of business this week. Etisalat may fall to Dh17.45 by next week, Al Ashri said.

Aldar Properties has a new target and may hit resistance level of Dh2.78. Dana Gas may extend gains and hit resistance level of Dh0.57. Eshraq Properties may hit resistance level of Dh0.81. Manazel may hit resistance level of Dh0.67 by next week. Aldar Properties closed 3.83 per cent higher at Dh2.71. Methaq closed 1.12 per cent higher at Dh0.88. Out of a total of 32 stocks traded on the exchange, shares of 16 firms rose, while other 10 fell.

Split outlook:

Analysts were split on the outlook for local indices. “As long as the central banks are taking measures and continue taking approach, the rally is sustainable,” Qaqish said. Technical analyst Osama Al Ashri disagreed. Abu Dhabi index may go up to 4,580 by next week, but the index is still in downtrend, said Al Ashri, who is a member of British organisation, Society of Technical Analysts. The index may hit support level of 4,278.

Dubai Financial Market General index closed 2.57 per cent higher at 3,384.63. Dubai index may hit resistance level of 3,529 by next week, said Al Ashri, adding but the index is still trading in downtrend and may hit support level of 3,133.

Gulf Finance House, which was the most active stock in trade, closed 9.11 per cent higher at Dh0.838. Gulf Finance House may hit resistance level of Dh0.97 by next week, Arabtec may go down again to Dh1.5 by next week.

Union Properties closed 1.94 per cent higher at Dh0.840. Union Properties may breach resistance level of Dh0.89, said Al Ashri, adding Dubai Parks may consolidate in the range of Dh1.37-1.44. Emaar Properties is in overbought area, and may go down again to Dh6.47.

Emaar Properties closed more than 5 per cent higher at Dh6.27. Dubai Islamic Bank closed more than 2 per cent higher at Dh5.88. Out of a total of 34 stocks traded on the exchange, shares of 27 firms rose, while other 5 fell. Elsewhere in the Gulf, Muscat Securities MSM 30 index closed 0.35 per cent higher at 5,326.67, while Kuwait Stock Exchange index closed 0.61 per cent higher at 5,262.07. In the wider Middle East, Egyptian EGX 30 index closed 3.56 per cent higher at 7,485.69.