Dubai: The Dubai Financial Market (DFM) general index extended gains for a second straight day, closing 1.5 per cent higher at 2,573.45 on strong buying in Emaar Properties in the last 30 minutes of trade.
“Today’s session [Wednesday] could either prove to be a real strong rebound for the index or a temporary rebound, which could see investors exit with small losses than those recorded on Monday,” Issam Kassabieh, senior financial analyst at Menacorp, said in a morning note.
Emaar Properties rose as much as 5 per cent in the last half hour of trade after trading steady for most of the session, closing the day at Dh4.35, up 6 per cent on the previous day’s close.
About 3.5 million Emaar Property shares were traded in the final 30 minutes, taking the total to 9.4 million shares.
“Emaar may target Dh4.60 in the near term,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities, said in a note.
“The recovery shall gain further momentum only if the support at Dh4.12 holds strong.”
Dubai Investments (DI) eased from its previous day’s gains, closing 0.77 per cent lower at Dh1.29. Kassabieh said DI could still go higher as the index improves.
Recovery in banking stocks helped the Abu Dhabi Securities Exchange (ADX) general index close 0.45 per cent higher at 4,837.57.
First Abu Dhabi Bank (FAB) was up 1.3 per cent to close at Dh14 while Union National Bank rose 1.09 per cent to Dh4.65.
Abu Dhabi Islamic Bank (ADIB) closed 0.62 per cent higher at Dh8.10.
Elsewhere in the Gulf region, Saudi Arabia’s Tadawul index closed 0.65 per cent higher at 7,890.09.
The Qatar exchange index closed 0.5 per cent lower at 10,433.56 while the Muscat MSM 30 index shed 0.34 per cent to end at 4,482.46.
