Dubai
Dubai Investments and Drake and Scull (DSI) spurred traded volumes on Dubai bourse ahead of their inclusion in the MSCI Gulf index even as Dubai index fell for another session.
Traded value rose to Dh837 million on Wednesday compared to Dh300 million in the previous session. Dubai Investments and Drake and Scull contributed to 56 per cent to the total traded value.
“Wednesday is the last trading day of the week. It should be a busy day for the 3 upgraded stocks DIC, DSI & Development, increased volume and crosses in closing auction should take place,” said Hisham Khairy, head of institutional trading at Menacorp in a morning note.
Drake and Scull gained 4.37 per cent to end at Dh1.91, while Dubai Investments closed 2.38 per cent lower at Dh2.46.
“DSI’s has breached its earlier resistance of Dh1.86, and may gain further strength and target Dh2.05,” said Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities in a note. FAB Securities had a buy on DSI at Dh1.75.
In other stocks, Emaar Development closed at Dh5.60, down 3.45 per cent. Dubai Islamic Bank closed 0.33 per cent lower at Dh6.03.
The Abu Dhabi Securities Exchange general index closed 0.28 per cent lower at 4,283.07.
Al Ain Al Ahlia Insurance closed 6.98 per cent lower at Dh38. Abu Dhabi National Hotels closed 5.26 per cent lower at Dh2.70.
Etisalat closed 0.92 per cent higher at Dh16.40.
“Etisalat is headed towards the critical neckline barrier at Dh17.20 in the near term. Traders may look to buy with stops placed under the Dh15.75 support level,” Prakash said.
Elsewhere in the region, Saudi Arabia’s Tadawul index closed 0.07 per cent higher at 6,972.04.
Alinma Bank closed 0.73 per cent higher at 18.06 Saudi riyals, while Saudi Basic Industries closed 0.11 per cent higher at 100.60 riyals.
The Qatar exchange index closed 0.62 per cent higher at 7,782.18. The Muscat MSM 30 index closed 0.08 per cent lower at 5,106.51.
