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Emaar Properties shares jump, limiting downside in Dubai index

Developer will hold a board meeting on Tuesday to discuss special dividend

Gulf News

Dubai

Rising Emaar Porperties shares kept the downside limited for the Dubai index on Thursday after the company called in a board meeting on December 12 to discuss the special dividend to its shareholders.

Emaar Properties shares rose 1.98 per cent to end at Dh7.73, and was the fourth most actively traded stock.

The Dubai Financial Market General Index closed 3,393.46, down 0.03 per cent.

“The index is trading sideways. The trend shall turn up only if it breaches over the range resistance at 3,447,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities said in a note.

Drake and Scull closed 4.88 per cent higher at Dh2.15, and contributed to 32 per cent of the total traded value.

“DSI’s chart still remains bullish and may target next Dh2.13/2.21 in the near term. Traders who bought from lower recommended levels may look to book profits on rally,” Prakash said. Union Properties closed 2.96 per cent higher at Dh0.835.

“UPP may target Dh0.90 in the near term. The stock is currently trading at Dh0.83 and gaining momentum with increase in volumes hint accumulation,” .

The Abu Dhabi Securities Exchange General Index closed 0.79 per cent lower at 4,276.93.

“The trend remains sideways bearish and a breach below the support shall extend the fall to 4,180 level. Traders may look to hold the out-performers with stop loss placed under 4,267 level,” Prakash said.

First Abu Dhabi Bank closed 0.11 per cent lower at Dh10.15.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.85 per cent higher at 7,085.51. The Muscat MSM 30 index closed 0.48 per cent lower at 5,066.09. The Qatar exchange index closed 0.31 per cent lower at 7,773.59.

The Bahrain all bourse index closed 0.11 per cent higher at 1,267.39. The Kuwait Stock Exchange index closed 0.16 per cent lower at 6,186.94.

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