Dubai index key resistance level of 3,400 eyed

Dubai: Investors would closely eye the keenly-watched resistance level of 3,400, which could trigger additional interest if breached, analysts said.

The Dubai Financial Market General index closed 2.28 per cent higher at 3,378.54, with shares worth more than Dh600 million exchanging hands.

“There is definitely more interest in the market. There is strong resistance at 3,400 levels. If we break this level, we can see another rally in the market,” Sebastien Henin, head of asset management at The National Investor.

Apart from Arabtec and Drake and Scull, Emaar Properties, Union Properties and Amlak also ended higher, and were among the top traded stocks. Union Properties ended more than 2.5 per cent higher at Dh0.873, while Emaar Properties also ended 2.59 per cent higher at Dh 6.04. Amlak Finance ended 2 per cent higher at Dh 1.66. Out of a total of 32 stocks traded on the exchange, shares of 24 firms rose, while other 4 ended down.

In Abu Dhabi, the general index closed 0.58 per cent higher at 4,385.47.

“Long and medium term traders continue to be neutral while trend characteristics remain bearish. Only a medium term reversal above daily top at 4,600 would postpone the decline and allow for medium term long positions,” Menacorp said in a note to its clients.

Taqa shares ended 13 per cent higher at Dh 0.52, while Eshraq Properties closed more than 2 per cent higher at Dh 0.78. Dana Gas ended more than 3 per cent higher at Dh 0.53. Aldar Properties closed 3 per cent higher at Dh2.76. Out of a total of 27 stocks traded on the exchange, shares of 20 firms rose, while seven other stocks fell.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 1.38 per cent higher at 6,210.91, while Qatar Exchange index closed 0.17 per cent lower at 10,234.36. Muscat Securities MSM 30 index closed 1.35 per cent higher at 5,562.88.