Dubai: Dubai Parks outperformed the benchmark Dubai index yet again on Thursday, while other stocks like Arabtec raced ahead, and witnessed some late buying.
The Dubai Financial Market General Index closed 1.18 per cent higher at 3,472.38, after losing 2.5 per cent in the past two sessions. Dubai Parks and Resorts, which has 1.5 per cent weightage on the index, hit a record of Dh1.74, before ending 4.22 per cent higher at Dh1.73. The stock has gained more than 60 per cent since the start of the year, compared to more than 10 per cent gains in the Dubai index.
Dubai Parks was the most active stock in trade, followed by Arabtec. Arabtec raced ahead in late hours of trade, ending 3.4 per cent higher at Dh1.49. Traded volumes of Dubai Parks and Arabtec contributed to 50 per cent of volumes.
“Dubai Parks may hit new highs to reach a resistance level of Dh1.79 by next week,” Osama Al Ashri, member of British organisation, Society of Technical Analysts, said, adding Arabtec may hit a resistance level of Dh1.57/1.69 later in the month.
Gulf Finance House 0.96 per cent higher at Dh0.84. Gulf Finance House is in downtrend, but if it reaches resistance level of Dh0.88, we may see the stock at Dh0.97, said Al Ashri, adding Amlak may consolidate in the range of Dh1.33-1.44, while Emaar Properties may hit a new low to hit support level of Dh6.49.
Amlak Finance closed 2.21 per cent higher at Dh1.39, while Emaar Properties closed 1.35 per cent higher at Dh6.75. Out of a total of 34 stocks traded on the exchange, shares of 24 firms rose, while other 5 each fell and remained steady.
The Abu Dhabi Securities Exchange General Index closed 0.05 per cent lower at 4,507.42. Etisalat may hit a new high of Dh20.89, said Al Ashri, adding Aldar Properties may hit resistance level of Dh3.17 by next few months, “I still recommend to buy lower levels,” Al Ashri said. Abu Dhabi Commercial Bank may hit a new high of Dh7.27, he added.
Aldar Properties closed less than a per cent at Dh2.78, while Abu Dhabi Commercial Bank closed almost flat at Dh6.70. Etisalat closed 0.15 per cent lower at Dh19.75. Out of a total of 26 stocks traded on the exchange, shares of 14 firms fell, while other 4 firms rose. The rest remained steady.
Technical analysts say that the UAE indices are in a downtrend. “Dubai is trading in downtrend, unless it breaches resistance level of 3,788,” Osama Al Ashri, member of British organisation, Society of Technical Analysts, said. Abu Dhabi index is also trading in downtrend, and may go down 4,403, he said.
Saudi Arabia’s Tadawul index may fall further, analysts said. “The Tadawul index may go down strongly, and may hit support level of 6,503 by next week,” Al Ashri said.
The Tadawul index gained 0.14 per cent yesterday to end at 6,246.35. Saudi Basic Industries (Sabic) was 0.37 per cent lower at 80.75 Saudi riyals. Sabic may is still trading in downtrend, and it may hit a new low and may fall to 77.5 Saudi riyals. The Qatar index, which closed 1.29 per cent higher at 10,681, may recover and hit a high of 10,872 later in the month, Al Ashri said.