Dubai: The Dubai index rose on Tuesday, extending gains for a third straight session led by Emaar Properties and Damac. Abu Dhabi index also rose.

“There are not many catalysts in the market but the mood is good,” said Sebastien Henin, head of asset management at The National Investor, adding “The market should take a breather and stabilise after gaining for a few weeks.”

The Dubai Financial Market General Index ended 1.35 per cent higher at 4,127.34, after gaining more than 1.2 per cent in the previous two sessions.

“The Dubai index is likely to breach the resistance level of 4,250 over the next few weeks, and may hit a new target of 4,500,” said Osama Al Ashri, member of British organisation, Society of Technical Analysts.

Damac Properties ended 5.86 per cent higher at Dh3.25, making it the most active stock in terms of value, while Emaar Properties ended 2.39 per cent higher at Dh8.14.

“Damac Properties may hit a resistance level of Dh3.57 within few weeks, and I advise traders to add to long positions at current levels,” Al Ashri said, adding Emaar Properties may hit a new target of Dh8.75 within few weeks.

Union Properties ended 3.36 per cent higher at Dh1.23, while Gulf Finance House settled 1.55 per cent higher at Dh0.786.

“Gulf Finance House is awaiting new target of 0.94 and may breach this level by next two weeks,” Al Ashri said, adding Union Properties may hit resistance level of Dh1.37/1.67 by next month.

Dubai Parks and Resorts, which has witnessed a lot of retail interest, ended steady at Dh1.05.

Abu Dhabi index seen at 5,000

Abu Dhabi Securities General Index ended 0.32 per cent higher at 4,628.89, extending gains for another session.

“The index is very near to important resistance area of 4,783, and if it breaches this resistance level, it may test the next level of above 5,000 within few weeks,” Al Ashri said.

Aldar Properties may hit a new target of Dh3.49, while Arkan may extend gains to hit resistance level of Dh1.33 within few weeks, Al Ashri said.

Saudi’s Tadawul All Share index (Tasi) ended 0.03 per cent higher at 9,811.12. Tadawul may hit a new target of 10,280 within few weeks, Al Ashri said.