Dubai:
The broader Dubai benchmark index closed almost unchanged on Tuesday as real estate stocks took a breather.
Emaar Properties closed 0.22 per cent lower at Dh8.91, after hitting a 52-week high on Tuesday. The Dubai Financial Market Index closed 0.15 per cent lower at 3,655.07.
“We are now approaching the recent top at 3,680 that is expected to be broken,” Hisham Khairy, head of institutional trading at Menacorp.
In other stocks, Amanat closed 1 per cent higher at Dh1.15, while DXB Entertainments (DXBE) closed 4 per cent lower at Dh0.801.
“DXBE saw an aggressive lift end of session that took the stock sharply higher and broke the Dh0.824 resistance confirming a strong reversal, stock is expected to continue moving higher to the Dh0.90 and could even spike to the Dh1,” said Khairy.
DAMAC Properties closed less than a per cent weaker at Dh3.82. Dubai Islamic Bank (DIB) closed 0.48 per cent lower at Dh6.22. “DIB confirmed the break of the Dh6.20 as expected now should target the Dh6.60,” Khairy said.
Dubai Investments (DIC) closed flat at Dh2.39. “DIC is approaching the Dh2.41 resistance that should be broken anytime soon,” said Khairy. Union Properties closed 1.27 per cent lower at Dh0.854.
“Union Porperties would be a short at current levels, stock broke its up trend and has confirmed it with the break of Dh0.868 support in yesterdays session, it is expected to target the Dh0.80,” said Khairy.
The Abu Dhabi index closed 0.25 per cent higher at 4,464.11. Dana Gas closed 1.28 per cent higher at Dh0.79. National Bank of Abu Dhabi closed 0.48 per cent higher at Dh10.40. Bank of Sharjah closed 1.67 per cent higher at Dh1.22. In other markets in the Gulf, Saudi Arabia’s Tadawul index closed 0.57 per cent lower at 7,351.15. The Qatar exchange index closed 0.13 per cent higher at 8,289.23. The Muscat MSM 30 index closed 0.21 per cent higher at 4,997.53.
