Dubai: UAE indices moved in a very narrow range on Sunday amid very low traded values as traders sought to ascertain trends in a directionless market.
The Dubai Financial Market (DFM) General Index shed 0.09 per cent to close at 3,647.55, after trading in the range of 3,630.36-3,647.67. Traded values stood at Dh223 million.
“A break of the 3,680 [mark] would be very positive and is very likely to happen,” said Hisham Khairy, head of institutional trading at Menacorp.
Gulf Finance House, which was the actively traded stock, closed 2.59 per cent lower at Dh1.88. Drake and Scull closed at Dh0.385, up 1 per cent.
Union Properties closed less than a per cent higher at Dh0.889. Tabreed closed at Dh2.06, having gained 1.98 per cent, while Dubai Islamic Bank was up 0.65 per cent to close at Dh6.18.
Emaar Properties, however, slipped, closing 0.12 per cent lower at Dh8.68.
“Emaar closed the week at highs on slightly higher volume [and] should target the Dh9.30 [mark] on a weekly basis,” said Khairy.
“Dubai Investments finally started to move higher, the stock was lifted to the Dh2.38 on Thursday and should continue its move to the upside. [It’s expected to] target its recent high at the Dh2.54 and even break it,” Khairy said.
The Abu Dhabi Securities Exchange General Index closed 0.18 per cent lower at 4,445.72.
Saudi Arabia’s Tadawul All Share Index gained 0.13 per cent to close at 7,370.46.
Mubasher initiates coverage on GFH with buy
Mubasher has initiated coverage on Gulf Finance House with a buy rating due to a strong balance sheet with low leverage.
Mubasher expects the share price to be at Dh2.929 over the next 12 months, up 52 per cent from current level.
The group is growing by way of acquisitions and a diversified overall portfolio.
The company is also focusing on income-generating investments and maximising shareholders’ value by exiting direct investments at attractive valuations.
