Swing traders remain active in banking shares on UAE bourses
UNB closed 0.93% higher at Dh5.40, after its shares took support at Dh5.30 on Thursday
Dubai
Swing traders were active on Sunday buying banking shares from their support level on UAE bourses.
Union National Bank closed 0.93 per cent higher at Dh5.40, after its shares took support at Dh5.30 on Thursday. Abu Dhabi Commercial Bank ended 1.31 per cent higher at Dh9.31. Abu Dhabi Islamic Bank closed 2.31 per cent higher at Dh4.40.
“Traders may look to buy Union National Bank. We expect recovery towards the recent high at Dh5.60,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities said in a note. On the losing side, Aldar Properties closed 1.04 per cent lower at Dh1.91. First Abu Dhabi Bank ended 0.97 per cent lower at Dh14.36. Etisalat closed 1.07 per cent lower at Dh16.70. The Abu Dhabi Securities Exchange general index closed 0.41 per cent lower at 4,977.29.
The Dubai Financial Market general index closed 0.14 per cent higher at 2,577.86. Dubai Islamic Bank closed 0.85 per cent higher at Dh4.76. Gulf Finance House closed 1.83 per cent lower at Dh0.947. Emirates NBD extended gains for another session, closing 1.46 per cent higher at Dh9.7. The bank on Thursday said it plans to do an initial public offering a part of its stake in Network International. “Emirates NBD may recover towards the higher resistance of Dh10.25 in the near term,” Prakash said.
Shares of Ithmaar, whose trading was suspended by Boursa Kuwait last week, closed at Dh0.27 on Thursday. “Investors could be looking at names likes DFM and Air Arabia with caution being set on Ithmaar which could lead to a margin issue for clients following its suspension in Bahrain,” Issam Kassabieh, Senior Financial Analyst at Menacorp said.
Emaar Properties closed 0.43 per cent higher at Dh4.62. Dubai Investments closed 1.43 per cent lower at Dh1.38. According to Kassabieh: “UAE equities are valued at crisis levels which already holds into account the majority of negative factors such as growing Non-performing loans.”
“Going forward, valuations will play out across the regional markets as investors will access individual stocks post the dividend payouts to accumulate quality stocks. Additionally, index heavyweights will continue to see buying interest from foreign investors,” Allied Investment Partners said in a note.
Elsewhere in the Gulf, Saudi Tadawul index was lower ahead of its inclusion in the FTSE emerging market index. FTSE Russell will start adding Saudi equities to its developing-nation gauges on Monday, Saudi Arabia’s Tadawul index closed 0.20 per cent lower at 8,566.10. Al Rajhi Bank was 0.20 per cent higher at 99.90 riyals. Saudi Basic Industries Corp. closed 0.32 per cent lower at 123.80 riyals. Saudi Kayan Petrochemical Co. closed 1.28 per cent higher at 14.26 riyals. The Muscat MSM 30 index closed 0.29 per cent higher at 4,086.88. The Qatar exchange index closed 1.08 per cent lower at 9,863.10. The Kuwait all share index ended 0.07 per cent higher at 5,350.75.