GFH, Shuaa witness renewed buying on UAE bourses as volumes recover

Dubai:

Gulf Finance House, Shuaa Capital and Eshraq Properties witnessed renewed buying on UAE bourses even as the Dubai index recovered.

The Dubai Financial Market General Index closed 0.58 per cent higher at 3,501.18.

“The market shall turn positive only if we close over the resistance level of 3,555,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities.

Gulf Finance House (GFH) closed 7 per cent higher at Dh2.75, and was the most-active stock in trade. GFH contributed to 43 per cent of the total turnover.

Emaar Properties closed 0.28 per cent higher at Dh7.26. Shuaa Capital closed more than 3 per cent higher at Dh1.93.

Amanat and Dubai Islamic Bank witnessed strong volumes.

Amanat closed 4.63 per cent higher at Dh1.13. DIB closed 1.28 per cent higher at Dh5.52. Arabtec closed 1.11 per cent lower a Dh0.89.

“The trend still remains bearish in Arabtec as the resistance at Dh0.93 holds strong, headed lower towards the Dh0.86/0.84 in the near term,” Prakash said.

Total volumes in Dubai came in Dh1.1 billion, more than double from the previous sessions. The Abu Dhabi Securities Exchange general index closed 1.22 per cent lower at 4,382.32.

“Traders may look to remain on the sidelines on the Abu Dhabi index,” Prakash said. Eshraq Properties closed at Dh1.18, up 3.51 per cent.

“Currently Eshraq is headed towards the resistance of Dh1.35 and a break over shall target Dh1.80 to complete the “U” formation in the medium term,” said Prakash in a note published on Feb. 28. Sharjah Islamic Bank closed 2.60 per cent higher at Dh1.58. Abu Dhabi Islamic Bank closed 0.51 per cent higher at Dh3.92. Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.68 per cent lower at 6,787.80, reversing from its early high. The Qatar exchange index closed more than 1 per cent lower at 10,361.43. The Muscat MSM 30 index closed 0.44 per cent lower at 5,715.82.