Dubai: Emaar Properties shares rose from their key support zone for a fourth time in a low volume trade on Monday.
Emaar Properties closed 0.8 per cent higher at Dh 7.03, and the third-most actively traded stock.
The Dubai Financial Market General Index closed 0.17 per cent higher at 3,371.78 with traded value at Dh356 million from upto Dh690 million last week.
The trend was mixed in wider markets. Drake and Scull closed steady at Dh 2.23. The stock has been one of the actively traded stock on the bourse.
“DSI was the most traded mainly on retail speculation that Tabarak will continue to buy the name and take it higher, weekly chart shows a first target of Dh2.40 and stock should hit that soon specially that the rest of the market is pretty quiet so focus could remain on it,” Hisham Khairy, head of institutional trading at Menacorp said in a morning note.
Gulf Finance House close Dh0.62 per cent higher at Dh 1.61. Dubai Islamic Bank closed 0.16 per cent higher at Dh6.20.
Insurance sector witnessed mild buying in Takaful House, Methaq, Salama among others.
Etisalat shares supported the Abu Dhabi index, which closed a per cent higher. The Abu Dhabi Securities Exchange general index closed 1.12 per cent higher at 4,397.38. Etisalat closed 2.34 per cent higher at Dh17.50.
Abu Dhabi Commercial Bank closed 0.5 per cent higher at Dh6.9. First Abu Dhabi Bank closed 0.15 per cent higher at Dh10.35.
Saudi budget in focus
Saudi Arabia’s Tadawul index closed 1.39 per cent higher at 7,191.58 ahead of the country’s annual budget on Tuesday.
Traders will look at spending figures for 2018, after the country announced $19 billion package on housing and steps to revive small businesses.
“We expect Saudi Arabia to announce an increase in government spending in its fiscal budget for 2018. The budget will look to provide support economic activity, whilst also progressing with fiscal reform [VAT introduction and subsidy reduction],” said Thirumalai Nagesh, economist, Abu Dhabi Commercial Bank, in a note.
Transportation index rose more than 2 per cent, while energy firms also jumped nearly 2 per cent in trade.
Elsewhere in the Gulf, the Qatar exchange index closed steady at 8,211.94.