Dubai

Insurance shares witnessed aggressive buying again in Dubai, while shares of First Abu Dhabi Bank lost steam after rallying for two sessions.

Dar Al Takaful hit an upper circuit with a volume of 35 million, the highest since January, while Aman and Salama closed substantially higher.

“Bullish close yesterday hints at further upside may register another breakout in Dar Al Takaful,” Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securuties, said in a note.

About 12 million shares were traded in Aman, the highest since February, which closed 9.64 per cent higher at Dh0.91. Salama Insurance closed 3.21 per cent higher at Dh0.483. About 69 million shares were traded on the name.

Aramex closed nearly 2 per cent to end at Dh5.2. “The neckline support at Dh4.90 holds strong in Aramex, and may ignite recovery towards the previous high at Dh5.50 and then hit Dh5.90 in the short term,” Prakash said.

Overall, the Dubai Financial Market General Index closed 0.19 per cent lower at 3,566.35.

“We expect ranged trading at 50 day moving average but a break over shall lead us higher towards the 3670 and the previous high in the short term,” Prakash said, adding “traders who bought selectively near the 3,500 level may look to hold and place 3,520 as the stop.”

Out of a total of 33 stocks traded on the exchange, shares of 13 firms rose, while other 14 fell. The rest remained steady.

New bank loses steam

Shares of the newly merged First Abu Dhabi Bank closed 0.88 per cent lower at Dh11.25, after rallying more than 5 per cent for the past two sessions. The Abu Dhabi index closed 0.55 per cent lower at 4.615.23.

“A break over the resistance at Dh1.16 shall prove bullish and target Dh1.23/1.45 in the coming month,” Prakash said about Eshraq Properties, which closed 3.54 per cent higher at Dh1.17. Union National Bank closed 3.37 per cent higher at Dh4.60.

Abu Dhabi Islamic Bank closed 0.51 per cent higher at Dh3.94.

Out of a total of 32 stocks traded on the exchange, shares of 12 firms rose, while other 14 fell. The rest remained steady.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index was 0.38 per cent higher at 7,077.99. The parallel market index or Nomu was 1.2 per cent lower at 4,961.21.

The Qatar exchange index closed 0.10 per cent lower at 10,456.01. The Muscat MSM securities index closed at 5,613.35, down 0.10 per cent.