Dubai
Eshraq Properties was the latest addition in growing number of small caps witnessing robust trading on UAE bourses.
About 304.30 million shares were traded on Eshraq Properties, contributing to more than 60 per cent of the total volumes.
Eshraq Properties closed 15 per cent higher at Dh0.92, after trading in a narrow range of Dh0.70-0.85 since April.
“Traders who bought at the lower recommended level at Dh0.81, may look to add further while lifting the stop loss higher at Dh0.82,” Shiv Prakash, senior analyst, National Bank of Abu Dhabi Securities said in a daily note, adding Eshraq may target Dh1.15 in the short term.
Manazel closed at Dh0.49, up 4.26 per cent, and was the second most active stock in trade. About 86 million shares were traded on Manazel, its highest since March.
The Abu Dhabi Securities Exchange General Index closed 0.09 per cent lower at 4,288.20. In Dubai, Gulf Finance House closed 2.14 per cent lower at Dh1.37. Tabreed closed 5.17 per cent higher at Dh1.83.
Amanat Holding also witnessed surging volumes. Amanat closed 1.73 per cent higher at Dh0.880. “The trend is turning bullish in Amanat but the previous high at Dh0.914 is critical,” said Prakash.
HITS Telecom closed 1 per cent lower at Dh0.521, after hitting an upper circuit in the previous session. The Dubai Financial Market General Index closed 0.09 per cent higher at 3,280.92.
Volumes also jumped on the back of robust trading in smaller stocks. Shares worth Dh835 million were traded as against Dh500 million on Sunday.
Out of a total of 35 stocks traded on the exchange, shares of 19 firms fell, while other 11 rose. The rest remained steady.
Elsewhere in the Gulf, the Saudi Arabia’s Tadawul index closed 1.45 per cent higher continuing its gaining streak. The Qatar exchange index closed 0.15 per cent higher at 9,964.02. The Muscat Securities Exchange MSM 30 index closed 0.11 per cent lower at 5,458.45. The Kuwait stock exchange index closed 0.07 per cent higher at 5,443.24.
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Egyptian index jumps 5% again
The Egyptian EGX 30 index rose, extending its gaining streak for another since the flotation of the currency.
The EGX index was 5.30 per cent higher at 9,845.21, after gaining more than 6 per cent in the previous session.
Stocks have been on a gaining streak since Thursday, when the government took a historic step to freely float the Egyptian pound. The currency has depreciated nearly 100 per cent since then.
