Swing traders in action as Dubai index outperforms

Dubai

Swing traders came back in action after a gap of a month, triggering outperformance in Dubai index.

The Dubai Financial Market General Index closed 0.67 per cent higher at 3,340.27.

Gulf Finance House, Arabtec, Amanat shares witnessed buying, as swing traders, who prefer to buy at lower levels and wait for resistance level to book profits, were active.

“We are expecting a more active session with higher volumes and the market to continue its move higher. Stocks like Emaar, Eshraq, and GFH are still lagging the market move,” Ahmed Waheed, Vice President — Institutional Desk, Menacorp said before the market opening.

Gulf Finance House closed 4.13 per cent higher at Dh2.27, while Arabtec closed more than 4 per cent higher at Dh0.775. Air Arabia closed 1.56 per cent higher at Dh1.

DXB Entertainment closed 2.27 per cent higher at Dh0.766.

Out of a total of 33 stocks traded on the exchange, shares of 23 firms rose, while others fell or remained flat.

The Abu Dhabi Securities Exchange general Index closed 0.2 per cent higher at 4,501.76.

Eshraq Properties witnessed bulk deal at a discounted price below the current market price. More than 100 million shares were traded in the deal at a price of 80 fils, after a deal of 80 million shares on May 28. Eshraq Properties closed at Dh1.06, up 2.91 per cent.

Waha Capital closed 4.19 per cent higher at Dh1.74. Elsewhere in the region, Saudi Arabia’s Tadawul index was 0.53 per cent higher at 6,857.68. The Qatar exchange index closed 0.48 per cent lower at 10,063.64 before the changes to the FTSE index. Ezdan shares fell 9 per cent after the stock was excluded from the index.

The Muscat MSM 30 index closed 0.32 per cent higher at 5,402.44. The Bahrain index closed 0.12 per cent higher at 1,320.30.