Dubai:
Property stocks in the UAE were in the limelight after Emaar Properties reached a new 52-week high.
Emaar Properties hit a 52 week high of Dh7.88, before closing 2.89 per cent higher than the previous closing at Dh7.82.
“Emaar is the only news that people were not expecting.
The happenings in Emaar is getting people focused on property companies. The individual consideration of other property names is different,” Sanyalaksna Manibhandu, director Research, National Bank of Abu Dhabi Securities said.
Manibhandu maintained a buy rating on Emaar Properties with a target of Dh9, and would need more information before revising the target.
Union Properties was the most active traded stock with 218 million out of a total of 494 million shares. Aldar Properties shares were also chased by traders. Aldar Properties closed 4.44 per cent higher at Dh2.35. RAK Properties closed 3.23 per cent higher at Dh0.64.
RAK Properties Buying lifts the stock higher, poised to target Dh0.70 in the short term,” said Shiv Prakash, senior analyst with NBADS. Supported by buying on the property names, the Dubai Financial Market General Index closed 1.16 per cent higher at 3,427.28. In other stocks, Drake and Scull closed more than 2 per cent higher at Dh0.432. Gulf Finance House closed lower at Dh2.21.
The Abu Dhabi Securities Exchange closed 0.24 per cent higher at 4,511.28.
The trendline support at 4,425 holds strong, the index is expected to recover towards the 50 Day moving average at 4,537 in the near term. The short term trend remains down with lower supports seen at 4,427/4,355,” said Prakash.
Manazel closed 1.92 per cent higher at Dh0.52. Union Cements closed 7.50 per cent higher at Dh1.29. Saudi Arabia’s Tadawul index was 0.35 per cent higher at 6,833.22.
The sell-off in Qatar stocks paused, after the index shed more than 7 per cent in the last week. The index closed 0.83 per cent higher at 9,135.16. The Muscat MSM 30 index closed 0.32 per cent lower at 5,314.190.
