Dubai: Dubai index extended gains for a sixth day on Monday, to hit its highest level since May. Abu Dhabi index, however, ended lower.
The Dubai Financial Market General Index closed 0.22 at 3,392.90, after hitting a high of 3,373.22, a level last seen on May 12. The index has gained 4 per cent since the Brexit vote on May 24.
“Dubai index may hit a new high to breach resistance level 3,490/3,720,” said Osama Al Ashri, member of British organisation, Society of Technical Analysts, said.
Arabtec was the most-active stock in trade again, contributing to nearly 24 per cent of the total trade. Arabtec ended 1.99 per cent lower at Dh1.48.
“Arabtec may consolidate in between the support level of Dh1.37-1.69,” said Al Ashri, adding “I recommend to buy Gulf Finance House, and may hit a new high of Dh0.97.” Dubai Parks and Resorts may witness consolidation between Dh1.51-1.67, said Al Ashri.
Gulf Finance House closed 1.21 per cent higher at Dh0.834. Dubai Parks and Resorts ended 0.64 per cent higher at Dh1.54. Emaar Properties, which closed 1.42 per cent higher at Dh6.44, may also consolidate and may not breach resistance level of Dh6.81,” said Al Ashri. Drake and Scull may hit resistance level of Dh0.61, he added. Out of a total of 36 stocks traded on the exchange, shares of 16 firms rose, while other 14 fell. The rest remained steady.
Abu Dhabi index, however, ended lower 0.61 per cent lower at 4,540.27. Abu Dhabi Securities Exchange is still trading in downtrend, and it must breach resistance level of 4,592, said Al Ashri.
Dana Gas closed 1.79 per cent higher at Dh0.57. Dana Gas may hit new high of Dh0.63 this month, said Al Ashri, adding etisalat, which closed at Dh19, up 0.26 per cent, may hit a new high of Dh19.85-20.55, said Al Ashri. First Gulf Bank and National Bank of Abu Dhabi may witness consolidation at current levels.
Volumes petered down on First Gulf Bank (FGB), and National Bank of Abu Dhabi (NBAD). FGB and NBAD closed 1.17 per cent lower at Dh19, while NBAD closed 3 per cent lower at Dh10.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.22 per cent higher at 6,570.34. “Saudi Arabia’s Tadawul index may extend gains and register a new high of 6,789,” said Al Ashri, adding I recommend to buy Saudi index as it is in oversold zone”.
National Industrialisation, which was the actively traded stock on Saudi bourse, may extend gains and hit resistance at 14.8 Saudi Riyals, said Al Ashri. National Industrialisation closed nearly 6 per cent higher to be at 14 Saudi Riyals. Saudi Petrochem may hit a new high of Dh18.30, said Al Ashri.
Qatar exchange index closed 0.07 per cent higher at 5,820.34. Qatar exchange index may record new high to resistance level of 10,289 later this week, said Al Ashri.
Muscat Securities MSM 30 index closed 0.07 per cent higher at 5,820.34. Kuwait stock exchange index closed 0.29 per cent lower at 5,365.47/
Egyptian index eased after gaining more than four per cent on Sunday. The index closed 0.29 per cent lower at 5,365.47. The index may hit a new high to be at 7,750, before going down again later in the month, Al Ashri.
