Dubai Investments jumped to its highest level in more than two years on Wednesday after the company said it is considering a proposal to hike stake of non-UAE nationals to 49 per cent, while shares of Emaar Properties stabilised.
Dubai Investments, which has a limit of 35 per cent stake for non-UAE nationals, closed 4.42 per cent higher at Dh2.60, after hitting a high of Dh2.65, the level last seen in August 2015.
“If Dubai Investments breaches the barrier of Dh2.63 on a closing basis, we may see further price appreciation to Dh2.85 in the short term,” Shiv Prakash, senior analyst with National Bank of Abu Dhabi in a note. NBADS had a technical buy on the stock at Dh2.39.
Emaar Properties shares stabilised, closing 0.59 per cent higher at Dh8.55.
The Dubai Financial Market General Index closed 3,665.36, up 0.6 per cent, extending gains for another session. “The DFM index managed to recover from support 3,606 but still needs to break resistance around the 3,685 to confirm another leg to the upside, currently we are still in a downtrend that could resume anytime,” said Hisham Khairy, head of institutional trading at Menacorp.
In other stocks, DFM shares closed 0.86 per cent higher at Dh1.17. Gulf Finance House closed flat at Dh1.65. Drake and Scull reversed to end lower. DSI closed at Dh2.09, down 1.42 per cent.
“DSI reached its first target at Dh2.12 could extend gains to the Dh2.30 second target based on its strong momentum,” said Khairy.
The Abu Dhabi Securities Exchange (ADX) general index closed 0.07 per cent higher at 4,499.39.
“ADX tested support 4,485 again and managed to close above should resume its uptrend anytime soon if it holds support,” said Khairy.
Abu Dhabi Islamic Bank closed 0.26 per cent higher at Dh3.82. Dana Gas closed 4.11 per cent higher at Dh0.76.
Elsewhere in the Gulf, the Qatar exchange index closed at 8,124.73, up 0.18 per cent. Saudi Arabia’s Tadawul index was almost flat at 6,890.95. The Muscat MSM 30 index closed 0.68 per cent lower at 4,998.71.