Dubai:
Insurance stocks like Dar Al Takaful, Salama, Takaful Emarat and Aman witnessed renewed buying, outperforming the wider Dubai index, which has languishing near key resistance level for a few sessions.
Dar Al Takaful closed more than 10 per cent to be at Dh1.52.
“Traders who bought near the recommended Dh1.32 level may look to hold and add further for the next higher target at Dh1.61,” Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities said in a note.
Dubai Islamic Bank closed 0.87 per cent higher at Dh5.80 after posting flat fourth quarter net profit. Islamic Arab Insurance ended up more than 1.93 per cent to close at Dh0.475. Takaful Emarat closed more than 6 per cent higher at Dh2.41.
Dubai Investments closed 1.19 per cent higher at Dh2.55 after the company raised its dividend for last year. DXB Entertainments closed 1 per cent lower at Dh1. Out of a total of 33 stocks traded on the exchange, shares of 18 firms fell, while other 8 rose. The rest remained steady.
The Abu Dhabi index closed 0.19 per cent at 4,562.99.
“The market may trade sideways just below the resistance level at 4,650 with support seen at 4,532 level. Investors may look to remain stock specific and hold with stop loss placed under 4,530 level,” Prakash said.
Eshraq Properties closed 2.54 per cent higher at Dh1.21, and was the most actively traded name.
Eshraq may head towards Dh1.32/1.48 in the short term, Prakash said.
Etisalat closed 0.55 per cent higher at Dh18.20. Abu Dhabi Commercial Bank closed 0.58 per cent higher at Dh6.94.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index was 0.4 per cent lower at 7,033.66. The Qatar exchange index closed 0.70 per cent lower at 10,411.77.
