Dubai
Buying in front-line stocks boosted the Dubai index, which extended gains for another session on Thursday even as traders continue to ignore small stocks.
The Dubai Financial Market General Index closed 0.39 per cent higher at 3,675.12, after gaining nearly half a per cent in the previous session.
Traders bought stocks like Dubai Islamic Bank, Damac and Dubai Investments. DIB closed at Dh6.17, up 1.48 per cent. Dubai Investments closed 2.02 per cent higher at Dh2.53. Damac Properties closed 2.31 per cent higher at Dh3.99. Marka closed more than 3 per cent higher at Dh0.755.
“Marka witnessed a bullish breakout after trading sideways and it may target Dh0.85/0.90 in the short term,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities in a note.
Dubai Enternatinments extended gains after gaining more than 7 per cent in the previous session.
DXB Entertainments closed 1.54 per cent higher at Dh0.856.
There is a technical rebound after month and month of moving lower, but nothing has changed in companies fundamentals, the second quarter was mainly in the summer and weather not helping and would think that numbers would come out worst than expected. If the stock continued to the 90s would definitely be shorting the name through futures,” said Hisham Khairy, head of institutional trading at Menacorp.
The Abu Dhabi index closed weaker as strength from Aldar Properties was offset by etisalat. The Abu Dhabi Securities general index closed 0.27 per cent lower at 4,596.03.
“The index is headed towards the 4,720 mark in the short term,” Prakash said.
Etisalat witnessed buying and selling in trading even as the stock went ex-dividend. Etisalat closed 1.34 per cent lower at Dh18.40, after trading in the range of 18.20-18.40. The stock is still up 15 fils from ex-dividend of Dh18.25.
First Abu Dhabi Bank closed steady at Dh10.90. Aldar Properties closed 1.28 per cent higher at Dh2.37.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.07 per cent higher at 7,085.56.
