Dubai:

Drake and Scull (DSI) shares hit its highest level in 52 weeks on Tuesday in a low volume trade in Dubai.

DSI closed 0.90 per cent higher at Dh2.25 after hitting a high of Dh2.30, the highest in the year. DSI was the most active stock in trade, contributing to 20 per cent of the total traded value of Dh348 million.

The Dubai Financial Market General Index closed 0.37 per cent lower at 3,359.18 with muted traded value.

“There are couple of factors at play — some investors, mainly retail don’t like to carry large positions into the year-end and prefer to start fresh in 2018. So as we can see today, markets are not holding up the small gains,” said Vrajesh Bhandari, portfolio manager at Al Mal Capital. Dubai Islamic Bank struck its highest level since October 15. Dubai Islamic Bank closed 0.32 per cent higher at Dh6.22, after hitting a high of Dh6.24.

“A breach over Dh6.29 in DIB shall extend gains towards the next higher target zone at Dh6.68 in the short term,” said Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities in a note.

Emaar Properties closed below the Dh7 mark. Emaar shares closed 0.71 per cent lower at Dh6.98. HITS Telecom witnessed increased volumes after a gap of a few months. HITS Telecom closed 0.44 per cent lower at Dh0.45. Gulf Finance House closed 0.62 per cent lower at Dh1.60. Emaar Development closed 1.88 per cent lower at Dh5.22.

The Abu Dhabi Securities Exchange general index closed 0.69 per cent lower at 4,367.11.

“Buying from the neckline support pushed the index higher towards the 50 Day SMA at 4,397, gradually turning bullish towards the channel resistance at 4,520,” said Prakash.

Abu Dhabi Islamic Bank closed 1.05 per cent higher at Dh3.84.

 

Window dressing:

“At the same time, we won’t to surprise to see quasi institutional funds (especially family offices) to ‘window dress’ some of the share prices, to close at a higher Net asset value,” Bhandari said.

The DFM index has shed more than 4.5 per cent so far in the year, but some stocks have been outperformers. The Abu Dhabi index has lost 3.9 per cent since January.

Elsewhere in the Gulf, Saudi’s Tadawul index oscillated between positive and negative zone, and closed 0.11 per cent ahead of the budget. The Qatar exchange index closed 3.79 per cent higher at 8,522.83. The Muscat MSM 30 index closed 0.3 per cent lower at 5,070.35. The Bahrain Bourse all share index closed at 1,268.89, up 0.26 per cent.