Dubai:
Dubai index witnessed sideways movement after three days of sharp falls.
Dubai index continued its recovery from Tuesday’s low, extending into another session following similar moves in global markets.
The Dubai Financial Market General Index closed 0.83 per cent higher at 3,353.98, after losing more than 2 per cent in the past three sessions.
“The correlation [with global markets] is back again and may remain until the volatility exists in the markets. Traders may look to remain cautious and stick to the outperformers with 3,260 as the stop,” said Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities.
The Abu Dhabi Securities Exchange index closed 1.21 per cent higher at 4,595.69.
Emaar Properties closed 1 per cent higher at Dh6.47, while Dubai Islamic Bank closed more than one per cent higher at Dh6.20. Drake and Scull closed 0.98 per cent lower at Dh2.03. Gulf Finance House closed 0.70 per cent lower at Dh1.42. Amanat closed at Dh1.49, up 2 per cent.
“The trend in Amanat remains bullish but only a break below Dh1.44 would be considered bearish,” Prakash said. Ithmaar closed at Dh0.748, down 9.9 per cent. DP World closed 3 per cent higher at $26.79.
Adnoc Distribution closed 3 per cent higher at Dh2.67. First Abu Dhabi Bank closed almost flat at Dh11.35. Aldar Properties closed 2.27 per cent higher at Dh2.25.
“Aldar has witnessed very negative performance, stock broke the Dh2.23 support and closed almost at low. Technical picture is negative at the moment and the next support is at Dh2.17. Traders may use any rebound to exit the name,” Menacorp said in a note.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index was 0.54 per cent lower at 7,425.83. The Nomu index closed at 3,003.84, down 1 per cent.
The Qatar exchange index closed 2.73 per cent lower at 8,887.74.
The Muscat MSM 30 index closed 0.81 per cent lower at 4,971.71.
