Dubai index moves in line with Dubai Islamic Bank

Dubai

The Dubai index rose on Thursday with Dubai Islamic Bank shares, continuing to move in line with Dubai Islamic Bank, which is expected to undertake a rights issue.

The Dubai Financial Market General Index closed 0.53 per cent higher at 3,412.26.

“The DFM Index rallied from 3,326 to the 3,543 without any correction. So, the current sell off would be considered a correction as long as we hold the 3,326 low. Bear in mind, though, that the index is still in a downtrend and no reversal took place, monthly close was positive on increased volume although most of the gains of the month were erased,” Hisham Khairy, head of institutional trading at Menacorp said. DIB shares closed 1.64 per cent higher at Dh6.20.

“DIB broke the Dh6.16 on Wednesday the next support would be at Dh6, most probably its heading there but that should be a hard to break,” Khairy said.

Arabtec closed at Dh2.73, up 4.6 per cent. Ithmaar closed more than 8 per cent higher at Dh0.851. Gulf Finance House closed 0.68 per cent higher at Dh1.47.

Gulf Navigation closed 7.92 per cent higher at Dh1.09 ahead of its rights issue.

The shareholders registered in the company on February 1 will get the chance to buy the shares either fully or partially. Rights Issue will be available for trading on February 11 through February 22.

Emaar Properties rose more than half a per cent higher at Dh6.62.

“Emaar found some buying interest above the Dh6.40 support, stock saw increased volume which could mean an end to this sell off soon,” said Khairy.

Traded value was at Dh287 million, compared to an average of Dh500 million.

The Abu Dhabi Securities Exchange general index closed 0.22 per cent higher at 4,612.33.

“Any profit-taking if seen on the Abu Dhabi index should find good support at 4,525 neckline level. The trend still remains bullish as the 50-Day moving average support hold strong,” said Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities in a note.

First Abu Dhabi Bank closed at Dh11.3, almost flat compared to the previous session.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.08 per cent higher at 7,656.07. The Nomu index closed more than 2 per cent higher at 3,067.63. The Qatar exchange index closed 0.03 per cent higher at 9,207.01.

The Muscat MSM 30 index closed 0.71 per cent higher at 5,035.23. The Kuwait index closed 0.04 per cent higher at 6,685.23.