Shares of Emaar Properties extended gains on Thursday, closing in on the keenly watched Dh8 mark, helping Dubai index to close in the positive territory for a second straight session.
Emaar Properties has gained 7 per cent from the low of Dh7.42 seen in the previous session. Emaar Properties ended at 0.77 per cent higher at Dh7.86.
“Emaar needs to break the recent Dh8.06 high to confirm a reversal, the Dubai index needs to break the 3,500 for a confirmation of a reversal and end of year rally,” Hisham Khairy, head of Head of Institutional Trading at Menacorp, said in a note.
The Dubai Financial Market General Index closed 0.46 per cent higher at 3,460.93, after gaining 1 per cent in the previous session.
Aramex was the highest per centare gainer in trade. Dubai Entertainments surged ahead of long holidays. Dubai Entertainments closed 4.66 per cent higher at Dh0.651. Amanat saw a bulk trade of 60 million shares, and was the second most active stock in trade.
Gulf Finance House closed 1 per cent lower at Dh1.72. DP World closed 1.84 per cent lower at $24.05. Drake and Scull closed 1 per cent weaker at Dh1.74.
“Dubai Investments is on its way to retest recent Dh2.66 high, managed to break the Dh2.51 minor resistance in yesterdays session on increased volume,” Khairy said. “GFH has broken the declining trend line from march and the recent Dh1.73 high, next resistance is around the Dh1.80,” he added.
Manazel witnessed a surge in volumes in auction trade. About 109 million shares were traded, the highest since May 14. Manazel closed at Dh0.54 at the day’s high, up 5.88 per cent.
The Abu Dhabi Securities Exchange general index closed 0.31 per cent higher at 4,287.07.
Etisalat closed 0.31 per cent higher at Dh16.15, while United Arab Bank closed 1.52 per cent higher at Dh0.54.
Abu Dhabi Islamic Bank closed 0.81 per cent higher at Dh3.73. Abu Dhabi Commercial Bank closed 0.42 per cent higher at Dh7.10.
Aldar Properties closed 0.90 per cent higher at Dh2.23.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.80 per cent higher at 6,877.10.
The Qatar exchange index closed 0.92 per cent lower at 7,742.46. The Muscat MSM 30 index closed 0.16 per cent higher at 5,086.35. The Kuwait exchange index closed 0.16 per cent higher at 6,239.37.
The Dubai Financial Market will be shut from November 30 through December 3 on the occasion of Martyrs day, Prophet Mohammad’s (PBUH) birthday and UAE National Day Holiday. Trading will resume on November 4.