Dubai: The Dubai Financial Market (DFM) General Index shed 0.03 per cent to close at 3,634.72 on Wednesday, on the back of a slump in traded values.
On a day that key stocks hardly moved, traded value weighed in at Dh163 million, compared to an average of Dh470 million last week.
Emaar Properties ended the day 0.60 per cent higher at Dh8.34 while Dubai Islamic Bank eased 0.3 per cent to close at Dh6.10.
Drake and Scull was down 0.38 per cent at Dh2.62 while Shuaa Capital closed 2.86 per cent higher at Dh1.08.
“We expect fresh buying from current levels, which may lift the stock higher towards Dh1.17/1.20 in the near term” Shiv Prakash, senior analyst with the National Bank of Abu Dhabi Securities, said in a note. “Traders may look to accumulate the stock from Dh1-1.08 levels with stop loss placed under Dh0.985 level.”
Arabtec closed 0.34 per cent higher at Dh2.94 but Dubai Investments closed 0.38 per cent lower at Dh2.62.
“Dubai Investments will face some resistance around Dh2.70,” Hesham Khairy, head of Institutional Trading at Menacorp, said. He believes the booking of profits at Dh3 “would be a good idea.”
The Abu Dhabi Securities Exchange (ADX) General Index closed 0.12 per cent higher at 4,485.16.
First Abu Dhabi Bank (FAB) ended the day flat at Dh10.35.
“Blue chips have been seeing some buying activity in the past couple of sessions, especially FAB. The stock... managed to recover from support levels and is now moving higher on increased volumes. It needs to break the Dh10.50 mark on a daily basis to confirm another leg to the upside,” Khairy said.
Abu Dhabi Commercial Bank closed at Dh7.4, up 1.93 per cent.
Elsewhere in the Gulf region, Saudi Arabia’s Tadawul All Share Index closed 0.10 per cent higher at 6,941.25.
The Muscat MSM 30 Index closed 0.76 per cent higher at 5,048.78 while the Qatar Exchange Index closed 0.08 per cent higher at 8,171.20.
