Non-stop buying in insurance stocks on DFM

Dubai:

Insurance stocks in Dubai witnessed non-stop continued buying on Thursday, similar to that seen in December of last year, when most of the stocks had doubled from levels in preceding month.

The Dubai Financial Market general index closed 0.37 per cent higher at 3,351.73.

“Insurance stocks were in limelight and witnessed good momentum buying,” Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities said in a note.

Dar Al Takaful closed more than 5 per cent higher at Dh1.19. “The stock witnessed strong buying, on increased volumes hinting at accumulation. Traders may look to target Dh1.35 in the short term,” said Prakash.

“In Salama traders may look to buy for target Dh0.487/0.50 in the near term,” Prakash said, adding

Aman Insurance may target Dh1.24 in the near-term, which means two upper circuits in coming sessions.

Gulf Finance House on which Prakash had a buy call at Dh2.27, may extend the move towards Dh2.77 in the short term. Traders who bought from lower support may look to hold and add further,” Prakash said.

Gulf Finance House closed 3.08 per cent higher at Dh2.34. Union Properties closed 1.54 per cent higher at Dh0.925. The Abu Dhabi Securities Exchange general index closed at 4,478.81, up 1.16 per cent. 

ADIB closed 2.23 per cent higher at Dh3.67. Dana Gas closed 7.31 per cent higher at Dh0.44. Among other stocks, National Bank of Abu Dhabi closed 1.42 per cent higher at Dh10.70. Abu Dhabi Commercial Bank closed 0.68 per cent higher a Dh7.35.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.06 per cent lower at 6,867.31.

The Qatar exchange index closed 0.39 per cent higher at 9,939.58. Ezdan Holding closed jumped 4 per cent after falling for the two continuous sessions.

The Muscat MSM 30 index closed 0.25 per cent higher at 5,435.41.