Dubai: The Dubai index, which witnessed a mixed trend for most of Monday’s trading session, witnessed a recovery in the last hour of trade due as Emaar shares rose.
The Dubai Financial Market General Index closed 0.55 per cent higher at 3,490.16, as most stocks ended at a day’s high.
“The DFM index is expected to target the neckline resistance at 3,543 in the near term, Any profit taking may attract fresh buying from the support zone at 3,420,” said Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities in a note.
Emaar Properties closed 0.92 per cent higher at Dh7.36.
“Emaar’s Dh7.19 support could be a good entry point,” said Hisham Khairy, head of institutional trading at Menacorp.
Dubai Islamic Bank closed 0.16 per cent higher at Dh6.38.
DP World closed more than 5 per cent higher at $26.48.
Islamic Arab Insurance Company closed more than 2.45 per cent higher at Dh0.544. Dar Al Takaful closed 2.16 per cent higher at Dh0.945.
Amlak, which closed 0.93 per cent higher at Dh1.03, may target the level of Dh1.30 in the short term, Prakash said.
Damac may extend gains towards the 50-day moving average and the previous high at Dh3.51/3.75 respectively, Prakash added.
Union Properties closed 1.96 per cent lower at Dh1.
“UPP could be a bit overdone around here and could see a correction lower before continuing its uptrend,” said Khairy.
The Abu Dhabi index closed higher helped by strong moves in Etisalat.
The Abu Dhabi Securities Exchange general index closed 0.64 per cent higher at 4,585.54. Etisalat closed 1.13 per cent higher at Dh17.95.
Eshraq Properties closed 1.28 per cent higher at Dh 0.79.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.10 per cent lower at 7,310.26, while the Qatar exchange index closed 2.5 per cent higher at 8,975.82.