Dubai Financial Market index rise further

Dubai:

The Dubai Financial Market (DFM) index rose further on Thursday after a strong employment data from the US and anticipation of rate cuts by central banks around the world buoyed global market sentiments. The market index had risen 1.2 per cent on Wednesday.

The trading volume and the liquidity on the Dubai market indicated strong bullish moves by investors to lap up some of the attractively-valued bluechips. Investors on Thursday bought shares in real estate major Emaar, DFM and Tamweel, while they booked profits in DFM, Arabtec and Tabreed shares. The DFM index closed at 1,627.35 with the next resistance level now seen by market analysts at 1,650. Any break above the 1,650 level on high volumes is likely to trigger greater upside moves in the days ahead.

Around 268.28 million shares, cumulatively worth about Dh287.43 million were traded on the Dubai stock market yesterday. As many as 21.45 million shares of Emaar cumulatively valued at around Dh79.35 million were traded, its stock closing 0.82 per cent higher at Dh3.69 on value-buying by investors.

Of the 28 company stocks traded on Thursday, 13 rose, while 11 fell and 4 closed unchanged. The day’s top gainer was Al Madina, its stock rising 3.98 per cent to close at Dh0.809. Mazaya was the day’s main loser, its shares fell 10 per cent to close at 0.774. The shares of Emaar were the most traded by value while Gulf Navigation’s stock was the most traded by volume.

Abu Dhabi:

The Abu Dhabi Securities Exchange (ADX) general index fell marginally on profit-booking by investors. Overall, the sentiments were bullish as market participants welcomed the latest US employment data which showed an acceleration in new jobs last month.

The stock market index’s close above the psychological 2,600 level for a sixth consecutive day indicates the market may make a push towards 2,700 levels as early as next week if central banks act fast enough to cut interest rates to stimulate their country’s economies. High global oil prices continue to lend support to the market’s confidence as Abu Dhabi is one of the biggest oil exporters from this region.

At close onn Thursday, the ADX general index closed at 2,649.94, 0.13 per cent lower on low trading volume. On Thursday, investors sold real estate and banking stocks and bought telecommunication stocks which helped pare the index’s decline. Around 45.84 million shares, cumulatively valued at about Dh89.31 million were traded. Of the 33 company stocks traded, 9 advanced, while 12 fell and 12 closed unchanged.

The stock of Abu Dhabi’s real estate major Aldar Properties closed 0.75 per cent lower after gaining 1.52 per cent on Wednesday. About 15.25 million shares of Aldar, cumulatively worth about Dh20.35 million changed hands on the market. Sorouh Real Estate’s shares remained unchanged.

The top gainer on the Abu Dhabi market on Thursday was Dhafra, its shares closing 3.63 per cent higher at Dh6. National Bank of Umm Al Quwain was the day’s top loser with its stock falling 9.64 per cent to close at Dh1.78. The shares of First Gulf Bank were the most traded by value while Aldar’s shares were the most traded by volume.