Dubai: Hits Telecom hit an upper circuit on Sunday, while other small stocks like Gulf Finance House, Shuaa Capital, and Salam Holding witnessed robust volumes even as the Dubai gauge closed a tad lower.

Hits Telecom closed at its highest level in 52 weeks at Dh0.53. About 100 million shares were traded on the name, contributing to 29 per cent of the total volumes.

“Traders who bought from the recommended level at Dh0.425 may look to hold and add further while trailing the stop loss higher to Dh0.441,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities said.

Gulf Finance House again cornered most of the trade in terms of volumes. GFH closed 8.53 per cent higher at Dh1.40. The stock contributed to 23 per cent of the total volumes in terms of shares.

“Traders may look to hold and add further on dips near the lower support zone. Overall targeting the previous high to complete the “U” shaped pattern,” said Prakash.

Shuaa Capital closed more than 10 per cent higher at Dh1.20.

“The stock broke over the immediate resistance of Dh1.15, and is headed towards the higher target at Dh1.32/1.45 in the short term. The trend shall continue to remain bullish until it holds strong over the immediate support zone at Dh1.09,” said Prakash.

The Dubai Financial Market General Index closed 0.62 per cent lower at 3,277.96. Out of a total of 36 stocks, shares of 17 firms each fell and rose. In Abu Dhabi, the stock market index closed 0.24 per cent higher at 4,291.97. Etisalat witnessed strong recovery after it breached key support levels.

Cautious

“No body is willing to put money now. Everybody is cautious and because of uncertainity ahead of US elections, as it impacts everybody,” Tareq Qaqish, head of asset management at Al Mal Capital said.

Analysts said most of the local investors are sitting on cash. Cash levels at the global level reached 5.8 per cent, close to Brexit levels, according to Bank of America Merrill Lynch.

On Sunday, elsewhere in the Gulf, the Tadawul index closed 0.76 per cent higher at 6,106.31. The Qatar exchange index closed 0.07 per cent lower at 9,948.74.