Dubai: The Dubai index edged higher on Sunday, stabilising for another session after the main gauge fell sharply early last week led by property majors such as Arabtec, Emaar Properties and Damac Properties.
The sentiment was buoyed by the UAE government’s plans to boost the non-oil GDP, by spending Dh300 billion. The Dubai Financial Market General Index closed 0.50 per cent higher at 3,289.74, after falling to near the keenly-watched 3,000 level.
Arabtec closed 0.83 per cent higher at Dh1.21, while Damac Properties closed more than 5 per cent higher at Dh2.66.
Emaar Properties closed 0.49 per cent higher at Dh6.20. Out of a total of 32 stocks traded on the exchange, shares of 21 firms rose, while shares of 10 fell.
“A positive correction dominated the trading floor during last week’s sessions. This was backed by attractive valuations and improved trading activity as foreigners increased their ownership in etisalat in preparation for the company’s effective addition to the MSCI Emerging Market Index,” Talal Touqan, Head of Research and Advisory at Al Ramz Capital said.
US stocks capped their best weekly gain this year in a sign that markets are growing more comfortable with impending interest-rate increases. European stocks rose for a second day amid optimism that the European Central Bank will add to stimulus measures.
Strong resistance
“Sentiments are still low, and DFMGI is expected to confront a strong resistance of around 3,300 followed by 3,400,” said Touqan.
In Abu Dhabi, the general index closed 0.22 per cent lower at 4,250.82. Dana Gas closed nearly 5 per cent higher at Dh0.43 after a British high court upheld an earlier order requiring $100 million (Dh367 million) in payment to Dana’s consortium.
The payment will now have to be made in 14 days, the statement from Dana Gas on the Abu Dhabi Exchange said.
Etisalat shares ended a tad lower at Dh15.90, while Aldar Properties closed 1.28 per cent lower at Dh2.32.
Out of a total of 27 stocks traded on the exchange, shares of 16 firms rose, while shares of other 6 fell.
Saudi jumps most
Saudi’s Tadawul index jumped the most in the region after the Oil Minister Ali Al Nuaimi, said the Opec and non-Opec countries are trying to stabilise the market.
Saudi Arabia’s Tadawul index closed 2.06 per cent higher at 7,179.17.
Matar Al Neyadi, the UAE’s undersecretary of energy, said prices will improve next year.
Saudi Basic Industries Corp closed 2.29 per cent higher at 88.50 Saudi Riyals, while Alinma ended 1.17 per cent higher at 14.35 Saudi riyals.
Elsewhere in the Gulf, Qatar Exchange index closed 0.22 per cent lower at 10,836, while Muscat Securities MSM 30 index closed 0.24 per cent lower at 5,781.90.
