Traded value on the Dubai bourse zoomed to more than Dh1 billion due to direct deals of Dh414 million in Amanat even as Gulf Finance House shares witnessed continued buying.
The Dubai Financial Market General Index closed 0.32 per cent higher at 3,488.99. “DFM index is still in a downtrend and any recovery could be taken as a selling opportunity,” said Hisham Khairy, Head of Institutional Trading at Menacorp.
GFH closed 4.58 per cent higher at Dh1.60, after stronger than expected results and resignation of Jassim Al Seddiqi as a board member.
The stock has registered volumes of 305 million shares in two trading sessions after the stock saw the highest in the year so far on Monday.
“Such trading activity shows that any dip in GFH will attract more buyers,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities in a note.
“The stock attracted buying just 5 fills higher from the 61.8 per cent Fibonacci retracement level of Dh1.30 with volumes seen increasing since last few sessions signals a possibility of a bullish breakout over the long term trendline resistance levels of Dh1.60,” Prakash said, adding GFH may extend gains to Dh1.75/1.95 in the medium term.
Shuaa may gain further momentum towards Dh1.45/1.70 in th e medium term, said Prakash, who had a technical buy on the stock on November 1.
Amanat closed more than 2 lower in trade at Dh1.22, and witnessed strong volume of 88 million shares, its highest since April. This was in additional to direct deals of 340 million shares in direct deals done earlier in the morning. This brought the total traded value on the DFM to Dh1.08 billion. In other stocks, Emaar Properties closed 0.38 per cent lower at Dh7.97.
The Abu Dhabi Securities Exchange general index closed 0.07 per cent lower at 4,366.41. Saudi Arabia’s Tadawul index closed 0.26 per cent, inching towards the 7,000.