Dubai: Emaar Properties rode to the rescue of the Dubai Financial Market (DFM) general index as its shares surged on the back of better-than-expected earnings in the fourth quarter.
The company’s stock was up 3.1 per cent higher to Dh4.33 to help the Dubai index end the session 0.6 per cent higher at 2,565.85.
Emaar Properties, whose net profit rose 30 per cent, has now gained 12.47 per cent over the last four sessions while the Dubai index is up 3 per cent over the same period.
In other stocks, Emaar Development closed half a per cent lower at Dh3.87 while Emaar Malls was up 1.88 per cent to close at Dh1.63.
Gulf Finance House was up 2.06 per cent to Dh0.940 but Dubai Islamic Bank (DIB) and Arabtec bucked the trend. DIB shed 0.39 per cent lower to close at Dh5.05 while Arabtec was down 0.99 per cent to Dh2.
The Abu Dhabi Securities Exchange (ADX) general index made eased 0.09 per cent to close at 5,035.13.
“The Abu Dhabi index may extend gains and hit a new target of 5,127 this quarter,” said Osama Al Ashry, technical analyst based in Abu Dhabi.
“In Abu Dhabi the index has fallen as banks may be starting to correct keeping in mind that investors have their attention set on ex-dividend dates and might opt to sell at the post-rally prices instead of holding out for dividends to avoid getting stuck in a sell-off,” Issam Kassabieh, a senior financial analyst at Menacorp, said.
“The market requires more instant cash catalysts in order to trigger trading activity, with investors being short on cash and cautious about they use the rest.”
Aldar Properties closed 1.79 per cent higher at Dh1.71.
“Aldar Properties may see a new high of Dh1.82/1.89 by next week,” Al Ashry said.
Abu Dhabi Commercial Bank (ADCB) rose 0.44 per cent to end at Dh9.16. According to Al Ashry, ADCB may target Dh9.69.
Abu Dhabi Islamic Bank (ADIB) closed flat at Dh4.36.
Elsewhere in the Gulf region, Saudi Arabia’s Tadawul index shed 0.62 per cent to close at 8,516.60.
“I have positive outlook for Tadawul. The index may recover to 8,781 in the medium term,” Al Ashry said.
Saudi Basic Industries (Sabic) closed 0.32 per cent lower at 123 Saudi riyals (Dh120.40) while Etihad Etisalat rose 0.5 per cent to end the session at 18.24 riyals.
Al Ashry believes Etihad Etisalat may extend gains to 19.2 riyals by next month.
The Muscat MSM 30 index closed 0.42 per cent lower at 4,056.90.