Dubai: The UAE markets reversed early losses on Thursday, to extend gains for a second day, led by property majors even as participation remained thin due to year-end holidays.

The Dubai Financial Market ended 1.42 per cent higher at 3,886.94, reversing from an intraday low of 3,785.92. The index had gained 3 per cent in the previous session.

“It’s a normal trading day. The closing price shows that sellers have no direction to sell,” Osama Al Ashri, member of British organisation, Society of Technical Analysts told Gulf News.

On Thursday’s trade, Arabtec ended 5.28 per cent higher at Dh3.19 per share. Deyaar ended 3.98 per cent higher at Dh0.94 in trade.

“Arabtec chart is very negative. It is showing new lows next months. But it is still in uptrend in medium term chart,” said Al Ashri.

In other stocks, Emaar Properties ended higher by close to a per cent at Dh7.65.

Al Ashri feels that Emaar Properties is likely to consolidate between Dh7.30-8, before discovering the real direction for the market.

On Thursday, out of the 32 shares listed on the exchange, shares of 23 companies rose, while 7 fell. The Dubai index, which was the best performing market in the world till late November, wiped off all of its gains until mid-December. The index is now up 21 per cent.

Buyers not sellers

The Abu Dhabi Securities Exchange General Index ended 0.06 per cent higher at 4,536.55. Waha Capital ended 1.05 per cent lower at Dh2.840. Eshraq Properties ended 5.75 per cent higher at Dh0.920.

“A lot of buyers were in Waha Capital and Eshraq Properties and other property majors. I see buyers not sellers in Abu Dhabi,” said Al Ashri.

Elsewhere, Qatar Exchange Index ended 0.74 per cent higher at 12,449.05, while Muscat Securities MSM 30 Index closed 0.90 per cent higher. Kuwait Stock Exchange rose 0.47 per cent.

Meanwhile, the Securities and Commodities Authority (SCA) has emphasised that markets do not permit and do not support short selling after reports of traders misusing the same, adversely impacting the performance of financial markets.

SCA further emphasised that all short selling transactions constitute a clear violation of SCA’s regulations and legislations and that violators are liable to due legal action. Short selling is the sale of a security or other financial instrument that is not owned by the seller, or that the seller has borrowed.