Dubai
The Dubai index, which moved in a narrow range since morning, witnessed late buying in Emaar Properties and Union Properties on Thursday, giving some respite to day traders.
The Dubai Financial Market General Index closed 0.12 per cent higher at 3,647.33.
“Profit taking found some support at the 3,622 neckline in Dubai index, later selective buying pushed the market higher to close at 3,647 level,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities said in a note.
“The main trend stands bullish as trades over the 14 & 21 Day moving average levels. Traders may look to remain stock specific with stop loss placed under 3,585 level,” said Prakash.
Union properties closed 1.15 per cent higher at Dh0.880. Emaar Properties closed 0.84 per cent higher at Dh8.42. Air Arabia closed flat at Dh1.15.
“The stock is headed towards the next targets at Dh1.20/1.37 in the medium term. Traders may look to hold the long and add further with trailing stop placed under the Dh1.09 level,” said Prakash.
The Abu Dhabi Securities Exchange general index closed at 0.12 per cent lower at 4,550.93.
“The market failed to cross over the trendline resistance at 4,608, the index is turning sideways with support seen at 4,500 levels,” said Prakash.
Union National Bank closed 1.12 per cent higher at Dh4.5. National Marine Derdging closed 9.9 per cent lower at Dh3.73. Taqa closed flat at Dh0.50. Julphar Pharma closed 2.83 per cent lower at Dh2.40.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index was 0.09 per cent higher at 7,159.49 helped by buying in capital goods.
The Qatar exchange index closed 0.69 per cent lower at 9,242.82. The Muscat MSM 30 index closed 0.06 per cent lower at 4,991.51. The Bahrain all share index closed 0.06 per cent higher at 1,324.28.
