Dubai: UAE indices closed a tad higher on Monday, helped by Emaar Properties, though lower oil prices kept the upside in check. However, in Saudi Arabi, the shares of telecommunications firm Etihad Etisalat, which trades as Mobily, tumbled after the re-statement of earnings.

The Dubai Financial Market General Index (DFMGI) ended 0.39 per cent higher at 4,120.05.

“I still have positive outlook for Dubai index, and it may witness new high to witness 4,500 levels in next few weeks,” Osama Al Ashri, member of British organisation, the Society of Technical Analysts said.

Emaar Properties, which has the highest weighting on the bourse, closed 1.27 per cent higher at Dh7.97. It is expected to witness consolidation in between Dh7.50 to Dh8.30, Al Ashri said, adding that Damac Properties may hit a new high of Dh3.44 in the next few weeks.

Amlak Finance closed 0.47 per cent lower at Dh2.14. Al Ashri said the stock may fall to Dh1.88 if it breaches the support level of Dh2.07.

Dubai Islamic Bank closed 2.28 per cent higher at Dh7.63.

Out of a total 36 firms that traded on the exchange, the shares of 13 companies rose, while those of 16 closed in negative terittory.

In Abu Dhabi, the general index closed 0.63 per cent higher at 4,821.27. Al Ashri said the index is expected to extend gains and hit the level of 5,050 in the next few weeks.

Aldar Properties may hit a resistance level of Dh2.9 in next few weeks, while etisalat may go up and hit resistance level of Dh14.85, Al Ashri added.

Aldar Properties closed 0.04 per cent higher at Dh2.67, while etisalat also ended steady at Dh14.15.

Mobily tumbles

In Saudi Arabia, Mobily ended 7.40 per cent lower at 31.30 Saudi riyals (Dh30.65) after the company restated its earnings.

Mobily last week restated results for 2013-14 and the first quarter of 2015, slashing total profits over the period by nearly 1.76 billion riyals.

“Mobily may hit a new low of 27.9 Saudi riyals, while I advise [investors] to buy Saudi Basic Industries [Sabic] for a target of Dh97.5,” Al Ashri said.

The Tadawul index closed 0.15 per cent higher at 8,820.65 and is expected to hit a resistance level of 8,917 this week.

Elsewhere in the Gulf, the Qatar Exchange Index closed 0.85 per cent higher at 11,750.29, while Muscat Securities MSM 30 index ended the day’s trading 0.87 per cent lower at 6,498.55.

The Kuwait Stock Exchange index closed 0.38 per cent lower at 6,212.88.

In Egypt, the EGX 30 price index closed 0.87 per cent lower at 8,087.54. Monday is the last day when investors who took part in Emaar Misr’s June initial public offer (IPO) can place orders to sell the shares back to the firm at the offer price of 3.80 Egyptian pounds (Dh1.77). Emaar Misr will allocate up to 15 per cent of total IPO proceeds towards the buyback.

The stock ended 2.05 per cent lower at 3.35 pounds.