Dubai: Abu Dhabi index joined its regional peers, jumping more than 3 per cent in trade on Thursday buoyed by a 4 per cent jump in crude oil prices.

“The positive leads came from the S&P on Wednesday, and strong sentiment from oil, so that combination gave investors some impetus across the region,” said Sanyalaksna Manibhandu, Manager of Research, National Bank of Abu Dhabi Securities, adding “it’s more people buying back than people buying on new accounts”.

The Abu Dhabi Securities Exchange General Index jumped 3.03 per cent at the day’s high of 4,461.09.

“Abu Dhabi market is still under risk because it may witness more correction and may fall to 4,355 by next week and may recover later,” Osama Al Ashri, member of British organisation, Society of Technical Analysts.

Aldar Properties closed 6.94 per cent higher at Dh2.31, while Abu Dhabi Commercial Bank closed 3.49 per cent higher at Dh7.71.

Aldar Properties may extend gains and rise to Dh2.44, said Al Ashri, adding Waha Capital is waiting for new low and may hit a support level of Dh1.83.

First Gulf Bank closed 4.44 per cent higher at Dh14.10.

“First Gulf Bank is still a high risk stock, and if it records a closing price of below Dh13.55, it may hit a new low of Dh11.75,” said Al Ashri.

Dead cat bounce?

“Is this a dead cat bounce? But I think this is part of the process of the market trying to find a bottom, and it not going to be V-shaped recovery,” Manibhandu said.

Dubai index is still in high risk area and we will be safe if it succeeds to break out resistance level of 3,975, said Al Ashri.

Dubai Financial Market General Index closed 4.03 per cent higher at 3,648.45.

Amlak Finance closed 9.14 per cent higher at Dh2.15, while Arabtec closed 5.24 per cent higher at Dh2.010.

Amlak Finance may hit a new high of Dh2.48 by next few weeks, said Al Ashri. “Arabtec is still under risk as the uptrend over the medium term chart has broken, so I’ve a bearish outlook on the stock,” said Al Ashri.

Elsewhere in Saudi Arabia, the Tadawul index was 3.91 per cent higher at 7,673.17.

TASI may hit a new target at resistance level of 7,955 by next week, said Al Ashri.

Saudi Basic Industries (Sabic) may hit a new low of 67 Saudi Riyals, said Al Ashri. Sabic closed 5.48 per cent higher at 80.25 Saudi riyals.

Qatar Exchange Index closed 3.08 per cent higher at 11,295.46.