Dubai: Dubai index ended a tad higher on Monday, but witnessed sharpest fall regionally in October after Muscat index. Saudi’s Tadawul index witnessed a strong comeback.

The Dubai Financial Market (DFM) General Index closed 0.35 per cent higher at 3,332.41, after losing 4.09 per cent earlier in the month.

“We saw good volumes today, and the focus was mainly on bluechips,” Marwan Shurrab, fund manager and head of trading at Vision Investments & Holdings said.

Emaar was the most actively traded on Dubai bourse. Emaar Properties and Arabtec made up for 35 per cent of the volumes near Dh450 million. Emaar Properties touched its 50-day simple moving average, indicating bullishness.

Emaar Properties closed 0.87 per cent higher at Dh6.97. Gulf Finance House continued its winning streak to stay near its highest level in 24 months. Arabtec closed 0.75 per cent lower at Dh1.33. GFH closed 0.81 per cent higher at Dh1.25

“The negativity that we saw in October, was linked to international commodities and currency market. Therefore we saw some profit-taking,” said Shurrab, adding “investors reduced their exposure due to volatility seen in markets.”

Out of a total of 35 stocks traded on the exchange, shares of 17 firms rose, while other 12 fell. The rest remained steady.

The Abu Dhabi Securities Exchange General Index closed 0.32 per cent higher at 4,300.18, after falling 3.93 per cent in the month.

Banks like First Gulf Bank, National Bank of Abu Dhabi also witnessed renewed buying.

NBAD closed more than 2 per cent higher at Dh8.85. First Gulf Bank closed 1.77 per cent higher at Dh11.5. Aldar Properties closed 1.54 per cent higher at Dh2.64.

Etisalat tested its 200-day moving average, which is an important support zone. Etisalat closed 1.31 per cent lower at Dh18.85.

Out of a total of 32 stocks traded on the exchange, shares of 13 firms rose, while other 12 fell.

Saudi Arabia’s Tadawul index closed 0.57 per cent higher at 6,012.22, after gaining 6 per cent in the month.

“The rebound is coming from aggressive selling pressure that we have seen on year to date,” said Shurrab. The index is down 13 per cent in the year so far, making it oe of the worst performer in the world.

“Saudi is more linked to current liquidity and commodity volatility. I believe that the rebound was a technical one. Nevertheless the market is trading at attractive levels,” Shurrab said. The resistance is placed at 6,900 on the Tadawul index, he added.

In stock specific action, Alinma Bank and Saudi Kayan Petrochemical Co. each closed 0.15 per cent higher. National Commercial Bank closed 0.64 per cent higher.

Elsewhere in the Gulf, the Qatar exchange index closed 0.30 per cent higher at 10,172.95. The Muscat securities MSM 30 index closed 0.05 per cent lower at 5,481.44.