Dubai: Traders were seen accumulating shares of Union Properties on Sunday, continuing a trend seen last week,
Union Properties despite registering a loss in the first quarter has gained 16 per cent in the last four sessions. The stock closed 4.3 per cent higher at Dh0.898.
“Union announcement was a negative number, but was transparent in terms giving information to the shareholders,” said Marwan Shurrab, head of high net worth and retail equity brokerage, Al Ramz.
“The numbers [results] shocked the market, the potential for restructuring within the company has triggered buying in the stock. We need a continuation of turnover and also breach of resistance level of Dh0.9, which was last seen in July,” Shurrab said.
The Dubai Financial Market General Index closed 0.39 per cent higher at 3,615.39.
“Gradual buying was witnessed from the 3,558 rising channel support zone. Near term reversal shall be formed if we close over the 21 day moving average at 3,620 which may lift us up to hit the previous high at 3,680 level,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities.
In other stocks, Gulf Finance House closed 2.16 per cent higher at Dh1.89.
The Dubai Financial Market closed less than a per cent lower at Dh1.16. Emaar Properties closed 0.24 per cent lower at Dh8.42.
Arabtec closed 1 per cent higher at Dh3.32. Traded value came in at Dh282 million, slightly higher than that recorded last Sunday.
The Abu Dhabi Securities Exchange general index closed flat at 4,492.63.
“Selective buying seen from the first support at 4,450. the support holds strong, may target 21 day moving average at 4,552 near term,” said Prakash.
Union National Bank closed 1.37 per cent higher at Dh4.43. Bank of Sharjah closed 4.17 per cent higher at Dh1.25.
United Arab Bank closed 9.94 per cent lower at Dh1.45.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index was 0.58 per cent higher at 7,220.88.
Insurance shares tumbled after the central bank temporarily banned three insurers from selling vehicle policies because of breaches, according to reports.
Saudi Indian Company for Cooperative Insurance, Malath Cooperative Insurance and Arabian Shield Cooperative Insurance slumped 5-8 per cent in trade.