Dubai: Dubai and Abu Dhabi indices may witness more consolidation amid low volumes as traders await the summer holidays and Amlak gets set to re-list on the exchange this week.

Dubai Financial Market General Index ended at 4,000.50, up 0.20 per cent on Thursday.

“I see further consolidation in this area on Dubai index, I still have positive outlook for the index unless it breaches the support area of 3,728,” Osama Al Ashri, member of British organisation, Society of Technical Analysts, said.

Gulf Finance House may stabilise at current levels and may trade in the range of Dh0.67-0.78, Al Ashri said.

Emaar Malls Group ended 6.38 per cent higher at Dh3.50, while Dubai Parks and Resorts ended 1.92 per cent higher at Dh1.06. Emaar Properties ended 0.38 per cent lower at Dh7.80. Emaar Properties may consolidate in area of Dh7.57-8.39, said Al Ashri.

“Damac Properties may hit a new low and fall to Dh2.8 before going up by next week,” Al Ashri said.

Damac Properties ended 1 per cent lower at Dh2.97.

Meanwhile, Amlak Finance said it plans to re-list its shares on the Dubai Financial Market on June 2, after the firm’s shares were delisted from the bourse in November 2008.

Trading in shares of mortgage financier Amlak Finance was suspended after credit markets dried up post property crisis in 2008.

 

Risky

On Thursday, the Abu Dhabi Securities Exchange General Index ended 1.28 per cent lower at 4,516.56, after hitting a low of 4,515.51, a level last seen in early April.

“Aldar Properties may be risky if it breaches support level of Dh2.50,” Al Ashri said, adding “we are still waiting for new highs in ADCB [Abu Dhabi Commercial Bank] within few weeks to [a] resistance level of around Dh8.37.”
ADCB recorded a new high of Dh8 on Wednesday, and closed at Dh7.620, down 7.62 per cent.

Qatar Stock Exchange index extended losses for another session.

“Qatar index has fallen more than 1 per cent this month. But the index may recover by next week and hit resistance level 12,153 by next week,” Al Ashri said.

“Qatar National Bank may hit support level 179.5 Qatari Riyals [Dh181] by next week. Ezdan Holdings has a strong support at 17.65 Qatari Riyals and we think we might see stock going up again and hit the resistance level of 19.28 Qatari Riyals,” he added.

Elsewhere in the Gulf, Muscat Securities MSM 30 index ended 0.06 per cent lower at 6,390.40, while Kuwait Stock Exchange Index ended 029 per cent lower at 6,314.83. Bahrain Bourse All Share Index ended 0.05 per cent higher at 1,366.35.

Egyptian EGX index Price Return Index ended 0.61 per cent lower at 8,912.05.