UAE indices move in tight range as fresh leads eyed

Dubai: The UAE indices moved in a very tight range on Thursday as traders eyed fresh leads in a market without direction.

The Dubai Financial Market General Index closed 0.06 per cent higher at 3,644.31, after moving in a tight range of 3,628.15-3,644.56.

Gulf Finance House closed 4.89 per cent higher at Dh1.93. GFH was the actively traded stock on the bourse, contributing to 31 per cent of the total traded volumes, which remained almost flat compared to the previous session.

Emaar Properties closed 0.46 per cent higher at Dh8.69.

“Emaar confirmed the break of the Dh8.53 resistance on Wednesday and closed at highs. The first target stands at Dh8.72/Dh9,” said Hisham Khairy, head of institutional trading at Menacorp.

Dubai Investment closed more than a per cent higher at Dh2.38.

Damac Properties closed 1.2 per cent lower at Dh3.93, while Dubai Islamic Bank closed flat at Dh6.14.

“We would be a buyer of Dubai Islamic Bank, Dubai Investment and First Abu Dhabi Bank which are currently trading around support levels, DIB should follow Emaar anytime soon and break the Dh6.20 to target the Dh6.35 then Dh6.60,” Khairy said.

“DIC trading around the Dh2.33 support a very good buy here to target the recent top at Dh2.54 and should even break that level higher, FAB trading at the Dh10.30 support and should start moving to the upside to at least the recent top at the Dh11 and break that to the upside,” Khairy added.

Abu Dhabi

The Abu Dhabi Securities Exchange general index closed 0.08 per cent higher at 4,453.71.

Agthia Group closed 3.26 per cent higher at Dh5.39. Abu Dhabi National Insurance closed 3.06 per cent higher at Dh3.70, while Dana Gas closed 6.49 per cent higher at Dh0.82. Abu Dhabi Commercial Bank closed 0.42 per cent higher at Dh7.19.

Meanwhile, Saudi Arabia’s Tadawul index was 0.51 per cent higher after media reports suggested that the National Transformation Plan might change existing initiatives and add new ones.

The Tadawul index was at 7.343.55. The Qatar exchange index closed 0.10 per cent lower at 8,675.46.