Dubai: Banking stocks were in action on the Abu Dhabi Securities Exchange resulting in the biggest gains in the region on Wednesday on reports of more deals in the space after the NBAD-FGB merger.
Union National Bank, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank and First Gulf Bank were some of the actively traded stocks.
Shares worth Dh280 million were traded on the ADX.
The Abu Dhabi Securities Exchange general index jumped more 2.5 per cent from its key support level of 4,180. The index settled the day at 4,290.
“Selling pressure seen in the previous few sessions failed to break below the critical support levels of 4,180 on the ADX index, attracted buying in those stocks which were seen underperforming,” Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities said in a daily note.
“The trend reversal point is at 4,335 and over it shall target 4,600 short term. Traders buying should have stops below 4,180 level,” Prakash said.
Out of a total of 32 stocks traded on the Abu Dhabi Securities Exchange, shares of 15 firms rose, while other 10 fell.
Select stocks
Dubai bourse also witnessed buying in select stocks like Gulf Navigation, and HITS Telecom. Emaar Properties witnessed a gap-up opening in the morning, and then surged to Dh6.62.
Drake and Scull closed more than 2 per cent at Dh0.518. Gulf Navigation closed at Dh1.58, 13.67 per cent higher. “Traders may look to hold and add further while trailing the stops higher, overall targeting the previous high of Dh1.80 to complete a U shape recovery,” said Prakash.
Amanat closed 3.47 per cent higher at Dh0.955, while Union Properties closed more than 3 per cent higher at Dh0.742. Out of a total of 33 stocks traded on the exchange, shares of 25 firms rose, while other 5 fell. The rest remained steady. The Dubai Financial Market General index closed 2.07 per cent higher at 3,262.82.
Elsewhere in the Gulf, the Saudi’s Tadawul index closed 2.39 per cent higher at 6.647.75. The Qatar exchange index closed 0.64 per cent higher at 9,741.71.
