Dubai:
Islamic Arab Insurance Company or Salama shares extended gains for another session on Monday, in a steady Dubai market. The Abu Dhabi index edged higher.
Islamic Arab Insurance Company or Salama closed 6.07 per cent higher at Dh0.559, building on 14 per cent gains registered in the previous session.
Salama was the most active stock in trade, contributing to 13.8 per cent of the total turnover.
Deyaar Properties witnessed a total volume of 77 million shares, highest since January 2017. Air Arabia closed at the high of the day at Dh1.26, its highest level in two months. The stock rose more than 2 per cent. Amanat closed higher with strong volumes. Amanat closed Dh1.19, up 0.85 per cent.
“The recovery in Amanat from lower level brings it higher testing resistance at Dh1.19, breakover shall ignite next leg up towards the previous high at Dh1.22/1.27/1.41,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities.
Emaar Properties closed 0.57 per cent lower at Dh8.65.
“Emaar started the week with a refusal around the trend line coming down from end of September peak at Dh8.95 which could open the way for further declines, a break above the Dh8.85 would cancel that,” Hisham Khairy, head of institutional trading at Menacorp said.
The Abu Dhabi Securities Exchange general index closed 0.11 per cent higher at 4,523.51.
“ADX already reached its second target at 4,513 on a daily basis and currently neutral could retest the 4470 before having another leg to the upside,” Khairy said.
Aldar Properties closed 2.88 per cent higher at Dh2.50. Eshraq Properties ended 1.28 per cent higher at Dh0.79.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.40 per cent higher at 6,965.89. The Qatar exchange index closed 0.50 per cent lower at 8,299.71. The MSM 30 index closed 0.85 per cent lower at 5,095.29.
