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Broad-based buying seen in Dubai bourse

Dubai Islamic Bank sees a technical breakout at Dh6.25 after unsuccessfully attempting to breach for four times

Gulf News

Dubai

Shares of property, banks and insurance companies were in demand on Wednesday, continuing a strong buying trend seen in the previous session.

The Dubai Financial Market General Index closed 1.4 per cent higher at 3,458.79.

Emaar Properties closed 2 per cent higher at Dh7.40, while Dubai Islamic Bank witnessed a technical breakout at Dh6.25 after unsuccessfully attempting to breach for four times. DIB closed 0.80 per cent higher at Dh6.29.

“We expect aggressive buying towards the higher target zone at Dh6.55/6.85 in the short term,” said Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities.

Emaar Development closed 3.78 per cent higher at Dh5.49. “We could see a continuation of the strong performance, stock held the Dh5 for the past 5 sessions so could now act as a support, next resistance is around the Dh5.35,” said Hisham Khairy, Head of Institutional Trading at Menacorp. Shares of Dar Al Takaful, Salama, Aman, Takaful Emarat all rose during the session.

“Dar Al Takaful is stabilising over the Dh0.85 support zone, triggered a bullish breakout, may target Dh1.05/1.25 in the near term,” Prakash said in a note.

The Abu Dhabi Securities Exchange general index closed 0.88 per cent higher at 4,481.30. Aldar Properties closed 1.33 per cent higher at Dh2.28.

“A bullish breakout in Aldar over the sideways channel resistance hints recovery towards the Dh2.32/2.38 target zone,” said Prakash.

First Abu Dhabi Bank closed 1.91 per cent higher at Dh10.65. Abu Dhabi Commercial Bank closed 1.72 per cent higher at Dh7.10. Waha Capital closed at 1.57 per cent higher at Dh1.94. Waha is expected to continue the up-move and target Dh2.15 in the near term, Prakash said.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.73 per cent higher at 7,224.29. The Qatar exchange index closed 0.14 per cent lower at 8,608.31.

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