Dubai: Traders in UAE equities were found accumulating the beaten-down stocks like Union Properties, Damac, Amlak and Aldar Properties even as Emaar Properties maintained its recent gains.
The Dubai Financial Market general index closed 0.99 per cent higher at 2,599.05. The index has gained more than 4 per cent or 100 points in the past three sessions. “Traders buying fresh in this move must look to book gains as we test the higher resistance zones at 2,615/2,650/2,700,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities said in a note.
Union Properties, which was the most actively traded stock, closed 7.41 per cent higher to be at Dh0.435. Damac Properties closed 2.37 per cent higher at Dh1.73. Dubai Investments closed 2.33 per cent higher at Dh1.32.
“The technical chart suggest a bullish reversal from current levels and the stock may recover towards the Dh1.55/1.78 in the medium term,” Prakash said.
Aldar Properties closed
“Aldar may attract fresh buying and recover towards the immediate resistance at Dh1.61/1.70 in the near term,” Prakash said. “Dana Gas may recover towards the higher target level of Dh1.00/1.06 in the coming weeks,” Prakash said.
The Abu Dhabi Securities Exchange general index closed 0.5 per cent higher at 4,861.54. Etisalat closed 0.47 per cent higher at Dh16.98.
Abu Dhabi Commercial Bank closed 1.23 per cent higher at Dh8.20. First Abu Dhabi Bank closed 0.29 per cent lower at Dh13.96.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.31 per cent higher at 7,914.29. Saudi Company for Hardware closed 2.73 per cent lower at 99.60 Saudi riyals (Dh97.54). The Muscat MSM 30 index closed 0.77 per cent lower at 4,448.11. The all share Kuwait index closed 0.03 per cent lower at 5,149.67. The Qatar exchange index closed 0.22 per cent higher at 10,456.14.