Dubai: Dubai and Abu Dhabi index ended a tad higher on Monday amid low volumes helped by a recovery in Emaar Properties even as Dubai Parks and Resorts hit its lifetime high.
The Dubai Financial Market General Index General Index ended 0.13 per cent higher at 4,072.28, after moving in a tight range of 4,011.58-4,078.06.
“The local index are consolidating with ranged trading and DFM ending slightly higher than 4,000 is positive in the short-term,” said Sanyalaksna Manibhandu, Manager of Research, National Bank of Abu Dhabi Securities. “If the Dubai index falls below 4,000, then it is bad for the active short term traders.”
Shares of Emaar Properties ended 1.15 per cent higher at Dh7.95, while shares of Dubai Investment ended 1 per cent higher at Dh3.02.
Shares of Dubai Parks and Resorts ended 3.96 per cent higher to end at a peak of Dh1.05.
“Dubai Parks is more of a story for next year than this year, when its theme park is operational,” Manibhandu said.
“We are approaching the summer holidays season starting middle of June so the risk is that if there is nothing new then the index may go below 4,000 levels, and people would just lose interest until they come back from their holidays,” Manibhandu said.
“If something blows up over Greece then people may take money off the table,” he added.
In other stocks, Gulf Finance House ended 2.52 per cent lower at Dh0.774. Out of a total of 32 stocks traded on the exchange, shares of 10 companies rose, while the rest 17 companies rose.
Abu Dhabi Securities Exchange General Index ended 0.65 per cent higher at 4,614.22 led by gains in real estate and banks. Aldar Properties ended more than 1.5 per cent higher at Dh2.83. while Eshraq Properties ended more than a per cent to be at Dh0.78.
Saudi’s Tadawul All Share TASI Index ended 0.07 per cent lower at 9,807.87.
“It might hit 10,000 mark but the index won’t go much higher than that in the short-term,” Manibhandu said.
Alinma Bank ended 0.21 per cent higher at 24.30 Saudi Riyals, while Saudi Basic Industries Corp ended 0.54 per cent lower at 108 Saudi Riyals.
Elsewhere in the Gulf, Qatar Exchange Index ended 0.54 per cent lower at 12,471.89, while Muscat Securities MSM 30 index ended 0.28 per cent higher at 6,379.68.
