File photo: Traders at the Dubai Financial Market. Image Credit: Gulf News Archives

Dubai: The Dubai index along with other peers in the Gulf region were spared off from a major sell-off ahead of the holidays.

The Dubai Financial market general index closed 0.24 per cent higher at 2,837.96. Total traded value stood at Dh235 million, much lower than the 30-day average of Dh115 million. Emaar Properties closed 1.92 per cent higher at Dh5.30, and contributed to 23 per cent of the total traded value.

Air Arabia closed more than 3 per cent higher at Dh1.20 after the company posted strong results.

“We upgrade our rating to accumulate from hold on Air Arabia with a revised price target of Dh1.25 supported by its strong 2Q19 earnings, that beat our estimate,” First Abu Dhabi Bank Securities said in a note.

Aan Digital Services Holding Co. hit its upper circuit and closed at Dh0.196. The Abu Dhabi Securities Exchange general index closed 0.42 per cent lower at 5,097.17.

Abu Dhabi Commercial Bank ended 1.63 per cent lower at Dh8.43. First Abu Dhabi Bank closed at Dh15.10, down 0.26 per cent. Elsewhere in the Gulf, Saudi Tadawul index was 0.79 per cent higher at 8,550.23.

Trading on the local bourses will be shut from August 11 through August 13, and it will resume on August 14.