Air Arabia shares may see further price appreciation. Image Credit: Gulf News Archives

Dubai: Air Arabia shares witnessed aggressive buying, hitting their highest volume in five months as it continued to play a catch-up with wider markets.

Total volume stood at 32 million shares, its highest since February 19. Air Arabia shares traded 2.86 per cent higher at Dh1.08. Air Arabia shares have gained 14 per cent in last four months, outperforming the wider Dubai market, which has gained 1.5 per cent.

“Air Arabia may see further price appreciation, and may target Dh1.12 and a close over shall extend gains to Dh1.20,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities said in note.

Damac Properties witnessed late buying on the Dubai Financial Market (DFM). Damac closed 1.08 per cent higher at Dh0.940. Ajman Bank closed at Dh0.940, up 2.17 per cent. Dubai Islamic Bank closed nearly 1 per cent lower at Dh5.07. The Dubai Financial Market general index closed flat at 2,675.39.

The Abu Dhabi Securities Exchange general index closed 0.64 per cent lower at 4,965.87.

“We are waiting for a retracement lower towards the 4,620 support level, in order to reinstate long positions,” Menacorp said in its technical note.

First Abu Dhabi Bank closed at Dh14.78, down 0.81 per cent. Aldar Properties closed 2.19 per cent higher at Dh1.87. Abu Dhabi Commercial Bank closed at Dh8.63, down 0.80 per cent.

Etisalat Group ended 1.11 per cent lower at Dh16.06. Shares on Saudi Tadawul witnessed non-stop buying after the MSCI inclusion in its emerging market index. The Tadawul index was 1.59 per cent higher at 8,989.72, after gaining 14.86 per cent since the start of the year mainly due to the MSCI upgrade.

The MSCI added the Tadawul index to the emerging market index at the close of trading on May 28 with a weight of 1.42 per cent, the highest in the region. About 30 Saudi stocks were added in the first tranche, and the second step will come in the August 2019 Quarterly Index Review.

Elsewhere in the Gulf, the Muscat MSM 30 index closed 0.24 per cent higher at 3,982.71.