Dubai index falls with Emaar shares, DIC

Union Properties witness aggressive buying, bucking the weak regional trend

Gulf News

Dubai

The Dubai index fell on Thursday weighed by weakness in Emaar Properties and Dubai Investments.

The Dubai Financial Market General Index closed more than 1.02 per cent lower at 3,469.82. Emaar Properties closed 2.25 per cent lower at Dh7.40, while Dubai Investments closed 2.7 per cent lower at Dh2.16.

However, analyst are positive on the index. “We expect the market to continue its move higher and remain positive on the banking sector after good numbers,” Ahmad Waheed, Vice President — Institutional Desk, Menacorp.

Gulf Finance House closed 3 per cent lower at Dh2.19. Arabtec closed 4.4 per cent lower at Dh0.890.

Union Properties shares, however, witnessed aggressive buying, bucked the weak trend. About 1.20 million shares were traded on the name, the highest level since January 23. Union Properties closed 5.75 per cent higher at Dh1.030, after rising as much as 15 per cent to hit intra-day high of Dh1.12.

“Union Properties is holding firm over the neckline support level of Dh0.94, breached over the 14, 21 and 50 day SMA [short-term moving average] levels, headed higher towards the Dh1.12 and then shall target the previous high at Dh1.22 in the short term,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities.

“Traders may look to buy at Dh1.04 while placing stops below Dh0.98 level,” Prakash said.

DXB Entertainments closed nearly 1 per cent higher at Dh0.951. “DXBE could be seeing a rebound from current level to test the resistance at Dh1,” Waheed from Menacorp said.

The Abu Dhabi Securities Exchange closed 0.22 per cent lower at 4,521.63. Taqa closed 7.14 per cent higher at Dh0.60, after hitting a high of Dh0.62.

Taqa shares were supported after the company said they are keen to sell some assets in the United States to raise capital.

Abu Dhabi Commercial Bank closed 0.28 per cent higher at Dh7.06. “ADCB could be a potential candidate for a move with the break of Dh7.10 could target the Dh7.35-7.40 level,” Waheed said.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index was 0.70 per cent lower at 6,899.14. The Qatar exchange index closed 0.53 per cent lower at 10,241.61.

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