dib head office
Dubai Islamic Bank head office. Image Credit: DIB

Dubai: Profit-taking was seen on Dubai bourse on Wednesday, but the downside was limited due to continued buying in Dubai Islamic Bank.

Emaar Properties fell 2.04 per cent lower to end at Dh4.81, and Emaar Malls closed 1.70 per cent lower at Dh1.73. However, Dubai Islamic Bank witnessed continued buying after the bank announced of merger talks with Noor Bank. DIB shares ended 0.95 per cent higher at Dh5.26.

“DIB is headed for a W-shaped recovery and may recover to hit its previous high of Dh5.90 in the medium term,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities said in a note.

The Dubai Financial Market general index closed 0.30 per cent lower at 2,802.58.

“Most of the stocks witnessed profit-taking except DIB, as the index tested the 2,835-2,850 resistance zone. We can see support at 2,778/2,760 levels. The main trend continues to remain bullish as trading over the 14, 21 & 50 Day moving average levels,” Prakash said. In other stocks, Emaar Development closed 0.77 per cent higher at Dh3.93. Gulf Finance House ended flat Dh1.05. The total traded value stayed at Dh300 million.

Abu Dhabi Commercial Bank (ADCB) hit its highest level in 52 weeks. ADCB hit a high of Dh10.08, before closing 0.40 per cent higher at Dh10.04.

Weakness in First Abu Dhabi Bank weighed on the Abu Dhabi index. First Abu Dhabi Bank closed 0.71 per cent lower at Dh16.68.

The Abu Dhabi Securities Exchange general index closed 0.18 per cent lower at 5,394.70.

“The index is headed next towards the higher target zone of 5,450/5,815 in the short term,” Prakash said. Dana, which will turn ex-dividend on Thursday, closed 0.95 per cent higher at Dh1.06. Etisalat Group closed 0.48 per cent higher at Dh16.72. Saudi Tadawul index closed 0.11 per cent higher at 9,237.77.

The Qatar exchange index closed 0.73 per cent higher at 10,457.56. The Muscat MSM 30 index closed 0.20 per cent lower at 3,950.34.

New listing

The Saudi Stock Exchange (Tadawul) listed Al Moammar Information Systems Company (MIS) on the main market, marking the first company to be listed in the IT sector within a total of 201 listed companies.

Shares of MIS jumped nearly 5 per cent to be at 47.20 Saudi riyals. Total traded volume stood at 2 million shares.

“We look forward to continued contribution to the growth of the Saudi economy in general, and the digital economy in particular under Vision 2030,” Ebrahim Al Moammar, Vice-Chairman of MIS, said in a statement.