Dubai: Dubai index rose on Sunday after US markets re-tested earlier peak, bringing back traders in bluechips like Emaar Properties, in addition to other small stocks like Gulf Finance House and others.
The Dubai Financial Market (DFM) General index closed 0.53 per cent higher at 3,702.16, still near its previous day’s high of 3,738.69, a level last seen on January 25. Gulf Finance House and HITS Telecom were a few small stocks that cornered traded volumes. In addition DFM shares witnessed renewed buying, along with Emaar shares.
“We are seeing interest in the large caps in addition to small caps, which are stabilising after a sell-off,” Saleem Khokhar, head of equities at NBAD’s asset management group said.
Emaar Properties, which carried a weightage of 20 per cent on the index, closed 1.33 per cent higher at Dh7.64. The stock has been witnessing renewed buying ahead of the fourth quarter results, and analysts say the share has the capacity to take the index to 4,000 levels in case the results meet or exceed market conditions.
In other stocks, Gulf Finance House closed more than 5 per cent higher at Dh2.78. DFM shares closed more than 8 per cent higher at Dh1.51. Out of a total of 37 stocks traded on the exchange, shares of 22 firms rose, while other 11 fell.
The Abu Dhabi Securities Exchange General index closed 0.02 per cent higher at 4,570.47. FGB closed 0.75 per cent higher at Dh13.40. Etisalat closed 0.28 per cent higher at $17.80.
Positive
Going ahead, the indices would continue its positive momentum.
“In the large cap and mid-cap investors have been cautious, but there is a positive tone to the market, and I expect that to continue,” Khokhar said, adding “the US markets touching record high, and statement on compliance is positive for our markets.”
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.79 per cent higher at 7,021.57. The Qatar exchange index closed 0.32 per cent higher at 10,663.49.
