Dubai: Despite the sluggish movements on the Dubai bourse, the index has managed to hold above the key levels, keeping the bullish outlook intact.

On Sunday, the Dubai Financial Market general index closed 0.23 per cent higher at 3,525.35. The Dubai index has rallied 14 per cent from the recent low of 3,197 struck on November 16, but has consistently managed to trend higher still trading above the keenly watched 3,483 support level.

The index has managed to trade above the important technical indicators like the 14-day, 21-day, 50-day, 100-day and 200-day moving averages, which technical analysts say will the broad bullish outlook intact.

“If Dubai index closes over the near term resistance at 3,550, we may see further recovery towards the 3,600/3,630 resistance levels,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities in a technical note.

Union Properties witnessed trade of 87 million shares, its highest in seven sessions.

Union Properties, which was the most active stock, closed more than 3 per cent higher at the intra-day high of Dh1.15. Gulf Finance House (GFH) closed 2.09 per cent higher at Dh1.95. Amanat closed 0.62 per cent higher at Dh0.966.

“Amanat is expected to extend gains towards the resistance of Dh1.02 first and later shall target Dh1.25 in the medium term,” Prakash said. Out of a total of 37 stocks traded on the exchange, shares of 13 firms fell, while other 18 rose. The rest remained steady.

The Abu Dhabi Securities Exchange index closed 0.05 per cent higher at 4,439.17.

Manazel closed at Dh0.61, up 5.71 per cent. About 86 million shares traded in Manazel touching the volumes highest since December 13. Aldar Properties closed flat at Dh2.65. Out of a total of 29 stocks traded on the bourse, shares of 14 firms rose, while other six fell.

Saudi budget:

Saudi Arabia’s Tadawul index witnessed a boost after last week’s budget that focused on raising expenditure, and cutting down on deficit. The Tadawul index was 1.36 per cent higher at 7,183.99.

Dar Alarkan Real Estate Development Co. was 3.45 per cent higher at 5.95 Saudi riyals. Alinma Bank was 1.56 per cent higher at 14.95 riyals.

Saudi Basic Industries Corp. was nearly 1 per cent higher at 92.75 riyals. About 160 stocks of the total were in positive led by petrochemical stocks.

Elsewhere in the Gulf, Qatar exchange index closed 0.32 per cent lower at 10,394.74. The Kuwait Stock Exchange index closed 0.42 per cent higher at 5,700.16. The Muscat Securities MSM 30 index closed 0.10 per cent lower at 5.730.97.