Dubai: The Dubai index closed flat as buying in Emaar Properties was offset by mild profit-taking in Damac.
The Dubai Financial Market General Index closed 0.11 per cent higher at 3,582.25. Emaar Properties closed 0.99 per cent higher at Dh8.19. Damac Properties closed 1.74 per cent lower at Dh3.96.
“Damac could dip below that level in today’s session to the Dh3.95 where some buying activity could take place,” said Hesham Khairy, head of Institutional Trading at Menacorp in a morning note.
Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities advised traders to buy Damac.
“Traders may look to buy Damac on dips from Dh3.62-3.85 levels and target Dh4.40 in the near term,” said Prakash in a note.
Emirates NBD rose after better than expected results.
“Emirates NBD could see some buying activity on the back of strong results, Dh8 has been a floor since March and a retest of recent Dh9 high could take place,” said Khairy. Emirates NBD closed at Dh8.12, up 0.87 per cent.
Small caps
HITS Telecom closed nearly 2 per cent at Dh0.594. “The rest of the market could see more profit taking with the exception of some small caps like HITS Telecom. The stock, which tested a high of Dh0.614 on yesterday’s [Tuesday] session on increased volume, would be a buyer with a clear break around Dh0.62 to target Dh0.74,” Khairy said.
Drake and Scull witnessed renewed buying interest. “DSI could be a good buy if it falls to the Dh0.37 mainly because its lagging the rest of the market,” Khairy said.
DSI closed more than 2 per cent higher at Dh0.399.
The Abu Dhabi Securities Exchange general index closed 0.49 per cent higher at 4,594.16.
Etisalat closed 0.82 per cent higher at Dh18.4. Sharjah Islamic Bank closed 5.93 per cent higher at Dh1.43.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.40 per cent lower at 7,225.73. The Qatar exchange index closed more than a per cent higher at 9,502.36.
