Dubai
Buying in Dubai Investments and Damac Properties helped the broader gauge to rally on Sunday, bucking a weak trend in Gulf markets.
The Dubai Financial Market General index closed 0.64 per cent higher at 3,596.41.
Amlak Finance extended gains after hitting upper circuit last week after the announcement to offer second home financing. The mortgage lender closed 3.57 per cent higher at Dh1.16. The stock was the most actively traded on the Dubai bourse.
“The news is positive. Once you don’t have ability to price in the news, there would be speculation,” said Talal Touqan, Head of Research and Advisory at Al Ramz Capital.
Technical analysts expect more upside in Amlak Finance. “The rally in Amlak hints at extension towards the Dh1.22/1.44 levels in the near term,” Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities said in a note.
Dubai Investments closed 4.33 per cent higher at Dh2.41. Damac Properties closed 1.80 per cent higher at Dh3.95.
Value investment
“The value investment opportunity is still fair. It all depends on how the political scenario pans out,” Touqan said. “Banking sector has good names to add and investments to flow. I see a good opportunity in logistics and service sector,” said Touqan, adding he likes contracting and building sector.
The Abu Dhabi Securities Exchange general index closed 0.39 per cent lower at 4,534.79. “The overall the trend still remains bullish, and the index may head towards the 4,720 barrier. Traders may look to hold and add selectively from the lower support levels,” Prakash said.
Etisalat closed 0.55 per cent higher at Dh18.35. Aldar Properties closed 2.51 per cent lower at Dh2.33. Abu Dhabi Islamic Bank closed 1.4 per cent higher at Dh3.62.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index was flat at 7,263.07. The Qatar exchange index closed 0.45 per cent lower at 9,499.75. The Muscat MSM 30 index closed 0.87 per cent lower at 4,999.37.
