Dubai
Emaar Properties and Dubai Islamic Bank helped the Dubai index push higher by more than 1 per cent on the first trading day of 2018 after the index shed more than 4 per cent last year amid sluggish volumes.
The Dubai Financial Market General Index closed 1.22 per cent higher at 3,411.17.
Emaar Properties closed 3.60 per cent higher at Dh7.19 as shareholders awaited for a special dividend from the company from the proceeds of Emaar Development IPO.
Dubai Islamic Bank closed 0.81 per cent higher at Dh6.24. Emaar Development closed more than 3 per cent higher at Dh5.29.
Banking and property stocks supported the Abu Dhabi index, which closed nearly 1 per cent higher. The Abu Dhabi Securities Exchange index closed 0.99 per cent higher at 4,441.99.
“The 4,400 resistance in Abu Dhabi index is a bit critical if we manage to continue moving higher and break that area would be very positive, if we fall from here and break the support at 4,300 a double top formation would be confirmed, weekly close was positive and monthly close was also positive,” said Hisham Khairy, head of institutional trading at Menacorp.
Aldar, Waha Capital Abu Dhabi Commercial Bank rose in Abu Dhabi index. Aldar Properties closed 2.27 per cent higher at Dh2.25. ADCB closed 2.65 per cent higher at Dh6.98.
Buying opportunities
“The recent sell off in the UAE markets has brought up some interesting value buying opportunities. As we move to the New Year, we believe that investors will take a fresh look at the market and re-value these companies,” Al Mal Capital said in a note.
Emaar Properties for example fell from a 52-week high of Dh8.95.
Elsewhere in the Gulf, the Tadawul index closed 0.31 per cent lower at 7,171.74. The Nomu index closed 0.13 per cent lower at 3,100.16.
