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Dubai index holds above support zone

Saudi Arabia’s Tadawul index gains the most regionally

Gulf News

Dubai: The Dubai index held near its support zone on Sunday, indicating positive momentum above the 50-day moving average.

The Dubai Financial Market General Index closed 0.53 per cent higher at 3,512.98, holding above the 50-day moving average of 3,482.

“The trend is up, headed towards the higher resistance at 3,540-3,560 in the near term. Traders can look to hold select outperformers and add further on dips,” said Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities.

Air Arabia, Emaar and Deyaar Properties shares witnessed buying along with Kuwaiti stocks, which are listed on DFM, while AND Digital, Ettikab, and Al Madina Finance also saw buying.

Air Arabia closed 1.55 per cent higher at Dh1.31, while Deyaar Properties closed 2.33 per cent higher at Dh0.570.

Deyaar’s strong performance can continue this week, said Hisham Khairy, Head of Institutional Trading at Menacorp. Emaar Properties closed 1.67 per cent higher at Dh7.30. Emirates NBD rose more than 1 per cent and closed at Dh8.30.

Dubai Islamic Bank closed at 0.62 per cent higher at Dh6.54.

Abu Dhabi

The Abu Dhabi index also closed a tad lower. The Abu Dhabi Securities Exchange general index closed 0.13 per cent lower at 4,585.10.

Union National Bank rose 3 per cent after continued sideways movement. UNB shares closed at Dh4.

Waha Capital closed 2.62 per cent higher at Dh1.96.

First Abu Dhabi Bank closed 0.90 per cent lower at Dh10.95. “Banking sector pretty strong specially FAB, stock closed the week on increased volume above the Dh11 and could resume strength to the Dh11.60,” Khairy said.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index was the top gainer in the region. The index was more than 1 per cent higher at 7,430.94. The Nomu index closed 0.30 per cent higher at 3,028.89.

The Qatar exchange index closed 0.42 per cent higher at 9,174.66. The Muscat MSM 30 index closed 0.04 per cent higher at 5,089.48, while the Kuwait index closed up 0.71 per cent at 6,606.94.

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