DFM gains as Arabtec hits 5-month high on robust earnings

Dubai: Arabtec extended gains on Wednesday following better than expected third-quarter results while sustained interest in Emaar Properties gave the Dubai Financial Market (DFM) general index a boost as it closed 0.48 per cent higher at 2,829.23.

“A close over 2,850 on the [DFM] index should attract fresh inflows and extend gains towards higher resistance at 3,000,” Shiv Prakash, a senior analyst with First Abu Dhabi Bank Securities, said.

Arabtec advanced 0.88 per cent to close at Dh2.28, after hitting a high of Dh2.36, a level last seen in June, while Salama Insurance rose 1.97 per cent to Dh0.724 and Emaar Properties gained 1.55 per cent to end at Dh5.24. Dubai Islamic Bank, however, closed 0.19 per cent lower at Dh5.31.

In the UAE capital, the Abu Dhabi Securities Exchange (ADX) general index rose 0.25 per cent to close at 5,016.07.

“The trendline support at 4,830 attracted renewed buying, pushed the index higher to 4,972 and may retest the previous high at 5,039,” Prakash said.

Dana Gas witnessed the bulk trade of 75 million shares on a day when Jassim Al Siddiqi was appointed to the board, with the firm’s shares easing 0.88 per cent to close at Dh1.13. Aldar Properties closed steady at Dh1.78.

Aggressive buying was seen in cement stocks despite weakness on the Tadawul All Share Index, which fell 0.29 per cent to end at 7,790.05.

Yamaha Cement, Quassim Cement and Arab Cement all registered gains in the range of 2-4 per cent.

Saudi Basic Industries Corp (Sabic) fell 0.96 per cent to 123.80 Saudi riyals (Dh121.16). Saudi Industrial Export Co was nearly 5 per cent higher at 160.80 riyals.

Elsewhere in the Gulf region, the Muscat Securities MSM 30 Index closed at 4,446.06, up 0.56 per cent. The Qatar Exchange index closed 1.2 per cent lower at 10,252.50 while the Kuwait All Share Index fell 0.39 per cent to 5,053.01.