Dubai: Buying in Emaar Properties and Dubai Islamic Bank propelled Dubai index to its highest level in four months.
The Dubai Financial Market Index closed at a high of 3,633.18, up 0.76 per cent, the highest level since March 9.
Emaar Properties, which has the highest weightage on the gauge, hit a new 52-week high. Emaar Properties closed 1.1 per cent higher at Dh8.24.
Dubai Islamic Bank closed 1.84 per cent higher at Dh6.08. Amlak Finance closed more than a per cent higher at Dh1.14.
Dubai Financial Market’s shares closed 0.89 per cent higher at Dh1.19.
Dubai Investments closed 0.42 per cent lower at Dh2.36.
“Dubai Investments could see some profit taking, stock reached all targets and had a strong move recently,” said Hisham Khairy, Head of Institutional Trading at Menacorp.
Amlak Finance closed 1.7 per cent higher at Dh1.13.
“If Al Salama stock managed to break the Dh0.858, it could target Dh0.95/1.08 and chart showing strong signs it
could, Almadina & Ekttitab could follow any strength,” Khairy said.
The Abu Dhabi Securities Exchange general index closed 0.24 per cent lower at 4,566.15.
Dana Gas witnessed buying at Dh0.63 in the previous session, and the stock closed steady at Dh0.64.
“The stock tested the previous low at Dh0.62 attracted fresh buying, the stock may ignite recovery and target Dh0.73 resistances in the near term,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities.
Etisalat closed 0.27 per cent lower at Dh18.75.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index was 0.45 per cent lower at 7,084.14. The decline was led by shares of materials and capital goods. Saudi Basic Industries was 0.6 per cent lower at 97.30 Saudi riyals. Al Rajhi was at 62.10 riyals, down 0.13 per cent.
The Muscat MSM 30 index closed 0.78 per cent lower at 5,024.24.
The Bahrain all share index closed 0.34 per cent lower at 1,327.81.
