Shares of Shuaa Capital surged more than 10 per cent ahead of their results in a quiet Dubai market even as Emaar Properties witnessed a muted reaction to pricing of the unit IPO.

Shuaa Capital closed at Dh1.16, up 7.41 per cent, after hitting a high of Dh1.32.

“Traders may look to buy Shuaa Capital with a stop placed under Dh1,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities in a note. The Dubai Financial Market (DFM) General Index closed 0.34 per cent lower at 3,622.24.

Emaar Properties closed 0.36 per cent lower at Dh8.31, witnessing muted reaction to the pricing of Emaar Development. “If Emaar manages to resume its move to the upside and break Dh8.65 a positive reversal will take place, probably the IPO will affect market liquidity which is already low adding to that we are approaching the weekend so today is expected to be quiet,” said Hisham Khairy, head of institutional trading at Menacorp.

DFM closed 0.86 per cent higher at Dh1.17, while Deyaar closed more than a per cent at Dh0.538.

Aramex closed 0.20 per cent higher at Dh5.06. Air Arabia closed flat at Dh1.26.

“Air Arabia is approaching the Dh1.27 resistance, once if it is broken, the stock should reach the next level of Dh1.40,” Khairy said. The Abu Dhabi Securities Exchange general index closed 0.45 per cent lower at 4,465.15. Dana Gas closed 1.35 per cent higher at Dh0.75. Abu Dhabi Commercial Bank closed flat at Dh7.4. Abu Dhabi Islamic Bank closed 0.27 per cent lower at Dh3.76. In other markets, Saudi Arabia’s Tadawul index closed 0.12 per cent higher at 6,956.51.

The Qatar exchange index closed 0.31 per cent lower at 8,146.23. The Muscat MSM 30 index closed 0.17 per cent lower at 5,040.19. The Egypt 30 EGX index closed 0.29 per cent higher at 14,319.34. The Bahrain all share index closed 0.29 per cent higher at 1,282.85.