Dubai: Traders resorted to selling at intra-day peak on Dubai bourse on Tuesday with selective buying seen in shares of Dubai Financial Market and Deyaar.

The Dubai Financial Market General index (DFMGI) rose as much as 2,551, before closing 0.24 per cent at 2,558. Emaar Properties closed at its intra-day low of Dh3.92, after extending losses for a fifth continuous session. Arabtec rose as much as Dh2.12, and later closed almost flat at Dh2.07.

Damac Properties fell 1.9 per cent at Dh1.54, while Gulf Navigation closed more than 2 per cent lower at Dh0.839.

About 18.13 million shares were traded in DFM, its highest level since December. Deyaar Properties saw an exchange of 38 million shares, its highest level since October.

SELECTIVE BUYING SEEN IN DFM SHARES
Image Credit: Gulf News

Abu Dhabi Islamic Bank and Adnoc continued to recover in Abu Dhabi. ADIB closed at Dh4.09, after gaining 6.23 per cent in the past six sessions.

ADIB may target Dh4.25/4.50 in the short term. Traders may look to hold and add on dips near the lower support zone at Dh3.90,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities said. The Abu Dhabi Securities Exchange general index closed 0.15 per cent higher at 4,927.05.

The Tadawul index closed 0.12 per cent higher at 8,057.04, extending its gains to stay above the keenly-watched 8,000 level. Saudi Arabia’s main gauge has been riding high on the back of surging oil prices. The Tadawul index has gained nearly 3 per cent so far in the year, after gaining 14 per cent in the previous year.

“We believe that MENA capital markets have entered into a virtuous circle: index inclusion of Saudi and Kuwait will attract passive and active foreign flows — these foreign investors will require more transparency and improved governance — flows will also improve liquidity — valuations will adjust upward over time — all of the points mentioned earlier will boost performance, attracting more foreign flows, etc,” said Charles-Henry Monchau, Managing Director — CIO & Head of Investment Management at Al Mal Capital.

Elsewhere in the Gulf, the Muscat MSM 30 index closed at 4,310.85, down 0.03 per cent. The Qatar exchange index closed 0.34 per cent lower at 10,458.85.

The Kuwait index closed almost flat at 5,178.41.