Dubai: Dubai index witnessed continued recovery on Sunday as fresh buying emerged in selected stocks on the first day of the new quarter after a lacklustre first three months to March.
The Dubai Financial Market General Index closed 0.32 per cent higher at 3,491.46. Traded value came in at Dh323 million.
Selected stocks like Gulf Finance House, Arabtec witnessed fresh buying, Union Properties saw bulk trades during mid-session.
“Traders may look to remain stock specific and look to buy only the fresh bullish breakouts,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities in a note.
Gulf Finance House closed 2.80 per cent higher at Dh2.43.
“If the support at Dh2.25 holds strong, GFH may extend the recovery towards the immediate resistance at Dh2.60,” Prakash said.
Arabtec jumped 2.46 per cent to close at Dh0.915 after witnessin sideways movement for the past 15 trading sessions.
Dubai Investment Corp closed 1.23 per cent higher at Dh2.47. Buying was also seen in insurance stocks Salama, Dar Al Takaful.
Extend gains
“Dubai index may extend gains to hit the critical resistance at 3530, and only a close over shall turn the near term trend bullish,” Prakash said.
The Abu Dhabi Securities Exchange General Index closed 0.14 per cent higher at 4,449.66.
“The Abu Dhabi index expected to move in the sideways range with support seen at the 4440 level. Traders may look to remain stock specific,” Prakash said.
Taqa shares hit upper circuit to close at Dh0.52. Banking stocks remained flat after the new shares of the new entity of National Bank of Abu Dhabi were listed. Gulf Pharmaceutical closed 2.2 per cent higher at Dh2.32. Dana Gas closed 2.38 per cent higher at Dh0.43.
Elsewhere in the region, Saudi Arabia’s Tadawul index was 0.25 per cent lower at 6,984.12. The parallel market index or Nomu closed 2.06 per cent lower at 5,014.08.
Qatar exchange index closed 0.07 per cent higher at 10,402.97. The Muscat MSM 30 index closed 0.23 per cent lower at 5,537.74.
