Dubai
Traders bought select stocks on the Dubai bourse on Tuesday amid a positive outlook for the index.
The Dubai Financial Market (DFM) general index closed 0.45 per cent higher at 3,649.35, extending gains for another session.
“DFM index managed to break the 3,600 resistance reached first target around the 3,640 and looks like it will continue, second target is around the 3,700 which is a very critical area on a daily, weekly and monthly basis,” said Hisham Khairy, head of institutional trading at Menacorp.
Dubai Invesments closed 2.42 per cent higher at Dh2.54. Emaar Properties closed 1.82 per cent higher at Dh8.39. Emaar Malls ended 0.81 per cent higher at Dh2.5. Dubai Islamic Bank closed 0.33 per cent higher at Dh6.10. Air Arabia ended 1.89 per cent higher at Dh1.08.
Reduce risk
“August is normally a month of high volatility globally and could see a correction of markets that hasn’t happened so this year. We would book profits around the 3700 area and reduce risk,” Khairy said.
The Dubai index with an 8 per cent gains, has been the best regional performer so far in the year.
The Abu Dhabi Securities Exchange general index closed 0.1 per cent lower at 4,561.65.
Dana Gas closed 3.13 per cent higher at Dh0.66. Agthia closed 1.89 per cent higher at Dh5.40. Sharjah Islamic Bank closed 3.70 per cent higher at Dh1.40. RAK Bank closed 4.17 per cent higher at Dh4.5.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index was 0.09 per cent higher at 7,100.51. The Muscat MSM 30 index closed 0.4 per cent higher at 5,048.40.
