Buying in bluechips trigger continued recovery in Dubai index

Dubai

Buying in bluchips triggered a continued recovery in the Dubai index. The Tadawul index, however, ended lower.

The Dubai Financial Market General Index closed 0.74 per cent higher at 3,420.19, after gaining close to a per cent in the previous session.

Emaar Properties closed 1.08 per cent higher at Dh7.49, while Emaar Malls closed 1.93 per cent higher at Dh2.64. Both the stocks contributed to 32 per cent of the total traded value of Dh360 million.

In other stocks, Amanat closed 1.8 per cent higher at Dh1.13, while Arabtec closed 0.39 per cent higher at Dh0.770. Drake and Scull closed more than 4 per cent lower at Dh0.382.

DXB Entertainments closed 0.55 per cent lower at Dh0.904. “Traders who sold at Dh0.95 may look to trail the stops lower to the break even. Traders may look to hold the sell positions,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities.

Out of a total of 36 stocks on the bourse, shares of 14 firms rose, while other 9 fell. The rest remained steady.

In Abu Dhabi, the general index closed 0.58 per cent higher at 4,608.28.

Continuing the strong momentum, Aldar Properties extended gains. Aldar Properties closed 1.33 per cent higher at Dh2.28.

If Aldar manages to break 2.25 higher with decent volumes, we could be seeing the name targeting 2.30 followed by 2.40,” said Ahmed Waheed, Vice President — Institutional Desk at Menacorp.

Eshraq Properties closed almost steady at Dh1.07.

“We expect fresh buying to come in which may lift Eshraq back higher towards the important barrier of Dh1.23,” said Prakash, adding “traders may look to buy and add on dips using Dh1.01 as the stop.”

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.69 per cent lower at 6,882.51. The Qatar exchange index closed 1.19 per cent higher at 10,110.84.