Dubai: The Abu Dhabi index extended its gaining streak for another session on Thursday due to continued buying in shares of First Abu Dhabi Bank and Etisalat.
The Abu Dhabi Securities Exchange general index closed 0.68 per cent higher at 5,055.46.
“If the Abu Dhabi index shall see a recovery to 5,100/5,180 resistance levels, if it closes over the 5,039 resistance,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities said.
First Abu Dhabi Bank closed 0.68 per cent higher at Dh14.80. Etisalat closed at Dh17.10, up 1.42 per cent.
“In Abu Dhabi, First Abu Dhabi Bank surged on news of having its weight doubled on the MSCI while Abu Dhabi Islamic Bank failed to show the same enthusiasm in its movement as the foreign ownership cap effect fades,” Issam Kassabieh, Senior Financial Analyst at Menacorp said in a note on Thursday.
In other stocks, Union Properties closed at Dh0.620, down 0.80 per cent. DP World closed more than 1 per cent higher at $17.99. The Dubai Financial market general index closed almost flat with limited trading activity. The Dubai index closed 0.09 per cent lower at 2,778.76.
Emaar Properties closed 0.20 per cent lower at Dh4.90. Traded value tumbled to Dh91 million.
Dubai Islamic Bank closed 0.76 per cent higher at Dh5.29.
Emaar Development closed at Dh4.81, up 0.21 per cent. “The stock is expected to form a triple bottom bullish reversal pattern, and may be poised to recover back towards the recent high at Dh4.95 and then target Dh5.00 in the medium term. Only a close under Dh4.70 shall be considered bearish,” Prakash said. Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.03 per cent higher at 7,662.17. The Nomu index closed 0.06 per cent higher at 2,431.37. The Muscat MSM 30 index closed 0.20 per cent lower at 4,450.56.