Dubai

Damac Properties hit a fresh peak on Sunday even as the wider index saw continued accumulation after the gauge breached key resistance levels.

Damac Properties closed 6.48 per cent higher at Dh4.27, after hitting a record high of Dh4.45.

“The trend is up in Damac and is expected to target next at Dh5.16 in the short term. Traders who are holding the buy positions from the recommended levels of Dh3.20/3.45 must trail the stops higher to Dh3.85 now,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities.

Damac shares has been the best performer so far this month. The stock has gained 69 per cent in the past 55 sessions, from the day it went ex-dividend on April 25.

In other stocks in Dubai, Shuaa Capital rose more than 3 per cent. “Shuaa may see a recovery to hit the 50 day moving average at Dh1.36 in the near term,” Prakash said.

Gulf Finance House closed up 1 per cent at Dh2.18. Emaar Properties closed 0.3 per cent higher at Dh7.97. The wider Dubai Financial Market General index closed 1.01 per cent higher at 3,573. The index has been on a gaining streak in the past few sessions, signalling a renewed optimism after months of sluggish trading.

“Sentiments finally saw a turning point, and trading opportunities do exist. The Dubai index may be set for price consolidation,” said Talal Touqan, Head of Research & Advisory at Al Ramz in a note posted on Twitter. The Abu Dhabi Securities Exchange general index closed 0.13 per cent higher at 4,524.

First Abu Dhabi Bank witnessed huge volumes after seeing a bulk trade of 30 million shares. First Abu Dhabi Bank closed steady at Dh10.55. Eshraq Properties closed 2.13 per cent higher at Dh0.96. Dana Gas closed 1.47 per cent lower at Dh0.67. Abu Dhabi Islamic Bank closed 0.57 per cent lower at Dh3.51. Aldar Properties closed steady at Dh2.36.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.47 per cent higher at 7,347.97. The Qatar exchange index closed 1.33 per cent lower at 9,343.57. The Muscat MSM 30 index closed 1.13 per cent lower at 5,063.76. The Bahrain index closed 0.2 per cent lower at 1,314.08.

In the wider Middle East, the Egyptian EGX index closed 0.08 per cent lower at 11.8771.