Dubai: A slight recovery in Emaar Properties gave the Dubai Financial Market (DGM) General Index a boost on Tuesday, with the index closing 0.64 per cent higher at 3,641.44.
The bellwether closed 1.55 per cent higher at 8.50 at the close of trade on Tuesday. The share is down 5 per cent from a high of Dh8.81 seen on Sunday.
“The trend in Emaar remains bearish and any corrective bounce, if seen, shall attract renewed selling pressure for target of Dh8.19,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities. Prakash had a technical sell on the stock at Dh8.60.
Gulf Finance House closed the day 1.20 per cent lower at Dh1.65.
“GFH may attract renewed selling and drag it lower towards the previous low at Dh1.53 in the near term,” Prakash added.
Drake and Scull gained 2.91 per cent to close at Dh2.12.
“DSI is heading towards the 61.8 per cent Fibonacci extension level at Dh2.18/2.40 in the short term. Traders holding from lower levels may look to add more positions,” Prakash said.
The Abu Dhabi Securities Exchange closed 0.05 per cent lower at 4,496.44.
“The barrier at 4,527 remains strong and the index may fall back towards the lower support zone at 4,461/4,400,” Prakash said.
Abu Dhabi Commercial Bank shed 2.7 per cent to close at Dh7.20, while Aldar Properties was down 0.83 per cent at Dh2.38.
Saudi Arabia’s Tadawul All Share Index (Tasi) closed almost flat at 6,884.90 while the Qatar Exchange index was down 0.09 per cent at 8,110.16.
The Muscat MSM 30 index closed flat at 5,032.99.
