190127 emirates nbd
Emirates NBD Head Office at Baniyas street in Dubai. The largest Dubai-based bank reported a net profit of Dh10 billion for 2018, up 20 per cent on the year. Image Credit: Ahmed Ramzan/ Gulf News Archives

Dubai: Emirates NBD shares surged after the bank received regulatory approvals for its acquisition of Sberbank, triggering outperformance in the Dubai index, which tread near its critical resistance level.

Emirates NBD closed 4.13 per cent higher at Dh11.35. Traded volume stood at 1.6 million shares. The Dubai Financial Market general index touched its 50 day moving average of 2,685. The index closed at 2,658.63, up 1.24 per cent.

“If price moves significantly above the 50-day moving average, it is commonly said to signal a possible trend change to the up side,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities, said. If the index manages to breach the 50-day moving average, the next target would be 2,835 in the near term.

Total volume stood at 154 million shares, 20 per cent higher compared to a 30-day average of 128 million shares.

Shuaa shares lost steam after the announcement of a merger with Abu Dhabi Financial Group. Shuaa shares closed 1.5 per cent lower at Dh0.953.

Union Properties closed at Dh0.337, up 0.60 per cent.

The Abu Dhabi Securities Exchange general index closed 0.24 per cent lower at 4,979.95. Aldar Properties ended flat at Dh1.89.

“If the index manages to break over the 5,050 level. It may target 5,200/5,300 in the near term,” Prakash said.

Abu Dhabi Islamic Bank closed 0.86 per cent lower at Dh4.61. Elsewhere in the Gulf, the Tadawul index was 0.32 per cent higher at 8,826.93. Al Rajhi Bank was 0.43 per cent higher at 69.90 riyals.