Dubai:
After two weeks of sideways movement, the most-actively traded Gulf Finance House (GFH) jumped again in Dubai on Wednesday, to hit its highest level in 52 weeks on a dull Dubai bourse.
GFH jumped as much as Dh2 in early trade, its highest in the past 52 weeks, before closing 2.59 per cent higher at Dh1.98.
“The stock may target Dh2.15/2.25 in the short term,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities said. The stock traded 108 million shares, about 30 per cent of the total. The stock gained 297.15 per cent in the year, making it the top performer on the Dubai index, which gained only 10 per cent in 2016.
Aggressive buying:
Dar Al Takaful witnessed aggressive buying, after days of witnessing sideways movement. Dar Al Takaful closed 1.12 per cent higher at Dh7.69, and 166 million shares were traded on the bourse. In other counters, Damac rose more than 2 per cent to close at Dh2.47.
Among the losers, Emaar Properties fell more than 2 per cent and Union Properties closed nearly 1 per cent lower. Amanat closed less than a per cent lower at Dh0.972. Dubai Islamic Bank closed at Dh5.54, down 0.36 per cent.
Out of a total of 36 stocks traded on the exchange, shares of 18 firms fell, while other 12 rose. Overall, Dubai index edged lower on profit-taking. The Dubai Financial Market general index closed 0.63 per cent lower at 3,519.71.
In Abu Dhabi, trade was relatively quieter. The Abu Dhabi Securities Exchange general index closed 0.06 per cent higher at 4,471.57.
Aldar Properties closed 1.52 per cent lower at Dh2.59, while Al Wathba National Insurance closed 8.33 per cent higher at Dh6.50.
Eshraq Properties closed 2 per cent higher at Dh1.02. Out of a total of 31 stocks, shares of 13 firms fell, while other 15 rose.
Saudi Arabia’s Tadawul index closed 0.23 per cent lower at 7,240.66. Alinma Bank closed less than a per cent lower at 15.10 Saudi riyals, while Saudi Basic Industries closed less than a per cent lower at 92.50 riyals. Al Rajhi Bank closed 0.21 per cent lower at 63.00 riyals.
Dar Alarkan Real Estate Development Co. closed more than 1 per cent higher at 6.15 riyals. Elsewhere, the Qatar exchange index closed 0.30 per cent higher 10,336.05. The Muscat securities MSM 30 index closed 0.07 per cent higher at 5,765.05.
The Kuwait Stock Exchange index closed 0.14 per cent higher at 5,753.36. In the wider Middle East, the EGX 30 index closed 0.64 per cent higher at 12,259.83.
In the start of the year, analysts say that the regional market outlook would depend on the fourth quarter results and the outlook on oil prices.
“It would be another tough year. But outlook for regional equities as we enter 2017 is much better than we did in 2016 thus we as a fund house are cautiously optimistic about regional equities,” said Bader Al Ganem, Executive Vice President and Head of Mena Asset Management, Global Investment House (Global).
