First Abu Dhabi Bank buoyed the Abu Dhabi index, which surged more than 1 per cent, while Dubai bourse witnessed selective buying.

The Abu Dhabi Securities Exchange general index closed 1.15 per cent higher at 4,369.40, nearing the key resistance level of 4,376, that is also the 50 day moving average.

First Abu Dhabi Bank, Dana Gas, Etisalat, Aldar Properties, Abu Dhabi Commercial Bank witnessed strong buying in the last week of the year.

First Abu Dhabi Bank closed 1.48 per cent higher at Dh10.30, while Dana Gas closed 2.6 per cent higher at Dh0.79. Etisalat closed Etisalat closed 1.19 per cent higher at Dh17.05. Aldar Properties closed at Dh2.20, up 0.92 per cent.

Abu Dhabi Commercial Bank closed 1.80 per cent higher at Dh6.79.

The Dubai Financial Market General Index closed 0.40 per cent higher at 3,345.66. Emaar Properties extended losses from its key support area.

Emaar Properties closed 0.88 per cent lower at Dh6.78.

“Charts show more weakness in Emaar Properties. The next support around the Dh6.40 if we get there would be a great buying opportunity and stock would be yielding 8.7 per cent with the special dividend payout, rest of the blue chips performing better than the Emaar’s specially the banking sector,” said Hisham Khairy, head of institutional trading at Menacorp.

First Abu Dhabi Bank Securities (FABS) also advises to buy the stock from a key support zone.

“The next support zone in Emaar is seen at the previous double bottom area at Dh6.37,” Shiv Prakash, senior analyst with FABS.

Union Properties closed 2.13 per cent higher at Dh0.959, while Amanat closed 4.29 per cent higher at Dh1.1.46. Gulf Finance House closed less than a per cent higher at Dh1.56. Traded value stood at more than Dh500 million.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.33 per cent higher at 7,201.21. The Qatar exchange index closed flat at 8,500.08. The Muscat MSM 30 index closed 0.67 per cent higher at 5,040.43.