Dubai:
For a change, bluechips supported the UAE indices to scale new peaks in 2017.
The Dubai Financial Market General Index closed 0.74 per cent higher at 3,718.51, after hitting a high of 3,726.81, a level last seen on January 11.
“The rebound that we saw in bluechips in the past couple of days has been very beneficial and the index is re-testing highs. Today’s closing is very positive,” Marwan Shurrab, head of high net worth and retail equity brokerage Al Ramz, said.
Dubai Islamic Bank closed 0.48 per cent higher at Dh6.22, while Damac Properties closed more than 1.79 per cent higher at Dh2.85. DFM shares closed more than 3 per cent higher at Dh1.37. Dubai Entertainments closed 1.75 per cent higher at Dh1.16. Gulf Finance House with more than 1 per cent gains, remained as the actively traded stock.
“The markets maintained strong performance, and strong momentum going into close,” Shurrab added.
Out of a total of 38 stocks traded on the exchange, shares of 23 firms rose, while other 13 fell. Total traded value stood at Dh1.058 billion.
“The market is now trying to benefit from earning season,” Shurrab said. Analysts say Amanat, DIC would be stocks to watch out for.
The Abu Dhabi Securities Exchange general index closed 0.52 per cent higher at 4,545.11.
RAK Bank closed 4.60 per cent higher at Dh5, while First Gulf Bank closed 1.16 per cent higher at Dh13.10. Union National Bank closed 3.53 per cent higher at Dh4.4. Abu Dhabi Commercial Bank ended 1.52 per cent higher at Dh7.35.
Out of a total of 30 stocks traded on the exchange, shares of 10 firms rose, while other 10 declined.
Elsewhere in the Gulf, the Tadawul index in Saudi Arabia closed 0.34 per cent lower at 7,038.62. The Qatar exchange index closed 0.23 per cent lower at 10,584.94.
The Muscat Securities MSM 30 index closed 0.17 per cent higher at 5,824.680.
