Dubai: The Abu Dhabi index rose nearly 1 per cent as traders positioned themselves for dividends on etisalat shares.
The Abu Dhabi Securities Exchange general index closed 0.98 per cent higher at 4,568.28.
“Overall the trend still remains bullish, and the index is headed towards the 4,720 barrier, with the support remaining intact at 4,500,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities, in a note.
Etisalat closed 2.17 per cent higher at Dh18.85. Etisalat, which gives a half-yearly dividend, has proposed to give 40 fils per share as the payout, despite a 15 per cent fall in net profit. The stock has gained 10.23 per cent in the last 22 sessions.
The stock price movement hints at further price appreciation, said Prakash, who had a buy call on the stock at Dh17.75 for target of Dh19.
The stock touched an all-time high of Dh20.20 on June 28, 2016.
First Abu Dhabi Bank closed 0.95 per cent higher at Dh10.65.
Waha Capital closed 2.82 per cent higher at Dh1.82.
The Dubai Financial Market General index witnessed a mixed trend as stocks moved in a very narrow range.
“The bias still remains positive for Dubai index. The index is poised for another bullish breakout and may target 3,738 levels in coming weeks,” Prakash said.
Dubai Islamic Bank closed 0.34 per cent higher at Dh5.92.
Shuaa Capital closed 0.25 per cent lower at Dh8.14. Dubai Investments closed 1.63 per cent lower at Dh2.41. Gulf Finance House closed 0.47 per cent higher at Dh2.13.
DP World closed 0.39 per cent higher at Dh23.14 and was the most active stock in trade.
Traded value tumbled to Dh147 million from the previous day’s Dh200 million.
Elswhere in the Gulf, Saudi Arabia’s Tadawul index was 0.50 per cent lower at 7,164.63. The Muscat MSM 30 index closed 0.40 per cent higher at 5,047.59 while the Bahrain all-share index closed 0.16 per cent lower at 1,335.48.
