Bulk transactions were seen in Union Properties on an otherwise dull day of trade on the Dubai bourse on Thursday.
The first five minutes of trade witnessed 207 million shares being bought or sold in between Dh0.87 to Dh0.89, according to bourse data. At the end of the session, the total trading in UPP was at Dh271 million, which was 50 per cent of the total traded value on the bourse. UPP closed 1.37 per cent higher at Dh0.890.
“The chart still remains bullish but we advise traders to book partial profits and hold the rest with stops trailed to Dh0.86,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities said in a note. The brokerage house had a technical buy on the stock at Dh0.83 in the first week of December.
The Dubai Financial Market General index closed down 0.14 per cent to be at 3,365.09.
In other stocks, Khaleeji Commercial Bank continued its winning streak for another session. Khaleeji Bank hit another upper circuit in trade, its third in a row. Tabreed recovered from a low of Dh1.73 seen on Wednesday, and closed at the high of day at Dh1.89, up 4.42 per cent on day.
Dubai Islamic Bank closed 0.16 per cent higher at Dh6.19.
“DIB fell after the aggressive buyer finished aggressively lifting the name, Dh6.25 continued to hold the stock from marching higher and a break above that level would be very positive,” Hisham Khairy, head of institutional trading at Menacorp, said in a morning note.
Emaar Properties snapped a gaining streak, and closed at Dh7.11, down less than a per cent. “The stock has a big gap that could be closed in the coming days, the gap was from Dh7.70 to 7.35, rest of the market could act positively with Emaar if it was to continue moving higher,” Khairy said.
Drake and Scull closed 0.88 per cent lower at Dh2.24. Gulf Finance House closed more than a per cent lower at Dh1.58.
Dubai Investments, which closed at Dh2.44, down 0.81 per cent, “is currently at a strong resistance area and would be very positive if it breaks it,” said Khairy.
The Abu Dhabi Securities Exchange general index closed 0.23 per cent lower at 4,349.15. Adnoc Distribution closed almost steady at Dh2.59, while Aldar Properties closed at Dh2.18, almost unchanged.
Saudi Arabia’s Tadawul index closed 0.04 per cent lower at 7,209.71, while the Qatar exchange index closed 1.19 per cent higher at 8,621.34. The Muscat MSM 30 index closed 0.13 per cent lower at 5,063.33.