Dubai: Emaar Properties rose along with Dubai index on Tuesday even as the Qatar index recouped losses.
The Dubai Financial Market General Index closed at 3,525.59, up 0.85 per cent.
Emaar Properties closed 1.53 per cent higher at Dh7.31. Emaar Malls closed 3.14 per cent higher at Dh2.30.
Hisham Khairy, head of institutional trading at Menacorp said: “there exists a good buying opportunity (in Emaar Properties) around here to target the Dh7.40, [it] seems stock will be moving in a range for the time being.”
In other stocks, Al Salam Bahrain closed 2.5 per cent higher at Dh1.19.
Gulf Finance House (GFH) closed at Dh1.46, down 2 per cent. GFH may test next support at Dh1.35, Khairy said.
Emirates NBD closed at Dh8.45, up 1.85 per cent, after the bank posted record profit for 2017. Dubai Islamic Bank, which is expected to publish its results on Wednesday, closed flat at Dh6.55.
Deyaar Properties closed 1.39 per cent lower at Dh0.969.
“Deyaar had another attempt to try and break the Dh0.585 resistance and closed below due to rest of market weakness, volume indicates a break could take place anytime soon,” said Khairy.
The Abu Dhabi Securities Exchange general index closed 0.29 per cent higher at 4,615.41.
First Abu Dhabi Bank closed 1.35 per cent higher at Dh11.25.Abu Dhabi Commercial Bank closed flat at Dh7.30.
“ADCB volume increased [on Monday], lot of buying activity was seen around the Dh7.30, Dh7.40 is a strong resistance that capped the stock last year,” Khairy said.
Abu Dhabi Islamic Bank closed flat at Dh3.93.
Elsewhere in the Gulf, the Qatar exchange index closed 2.5 per cent higher at 9,178.18, recouping the previous day’s losses. Saudi Arabia’s Tadawul index closed 0.65 per cent higher at 7,531.56. The Nomu index closed flat at 3,071.20.
The Muscat MSM 30 index closed 0.58 per cent lower at 5,039.86. The Kuwait index closed flat at 6,624.53.
