Dubai: The Dubai stock market index is now just a few points away from turnaround after being lifted by the dovish stance of the US Federal Reserve. It joined other emerging market peers in getting such a boost as investors chased a higher risk appetite.
The Dubai Financial Market closed the week just 41 points lower than its 50-day moving average of 2,700 — a critical level which if breached would indicate bullishness. The index was 0.73 per cent higher at 2,658.88.
“Traders may look to remain stock specific and add to positions over the 50-day moving average at 2,700,” said Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities in a note.
Emaar Properties surged 3.23 per cent higher to Dh4.48, while Dubai Islamic Bank was at Dh5.16, up 0.58 per cent. Emaar Development ended at Dh4.08, a 2.77 per cent gain.
The Abu Dhabi Securities Exchange general index ended the week 1.4 per cent higher at 5,044.72. First Abu Dhabi Bank shot up 1.21 per cent to Dh15, while Abu Dhabi Commercial Bank was 2.47 per cent higher at Dh8.70.
“The stock formed a double-bottom bullish reversal pattern, and expected to recover towards the previous high and complete the “W” pattern,” Prakash said.
Meanwhile, the Etisalat Group closed 2.83 per cent higher at Dh16.70.