Dubai: Abu Dhabi index extended gains for another session on Wednesday on the back of the Dh50 billion stimulus plan announced by the government.
The Abu Dhabi Securities Exchange general index closed 0.77 per cent higher to 4,652.12, after gaining 1 per cent in the previous two sessions.
“We could see fresh buying in Abu Dhabi especially on banks and realty as the government introduced the Dh50 billion economic stimulus which would boost collections for the real estate sector and boost the economy through job creation and easing the business set up process,” Menacorp said in a morning note.
Abu Dhabi Commercial Bank closed 1.39 per cent higher to Dh7.3. Etisalat closed 1.83 per cent higher to Dh16.7 while Aldar Properties ended 1.47 per cent higher to Dh2.07.
The Dubai Financial Market General Index closed 0.56 per cent higher to 3,055.74.Arabtec closed 3.94 per cent higher to Dh2.11. “Arabtec may attract further buying to target Dh2.40 in the short term. Long positions must have stops placed below Dh1.88,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities said in a note.
Drake and Scull closed 0.85 per cent lower to Dh1.16. Emaar Properties closed at Dh5.55 while Gulf Finance House closed 1.39 per cent higher to Dh1.46.
Aggressive buying
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.28 per cent lower to 8,383.23.
“The support zone at 7,330 acted strong for the Tasi index, and attracted aggressive buying in select stocks, pushing the index higher to form a high at 8,461 today. The Tasi index may attract mild profit-taking before the next move towards the second target at 9,900,” Prakash said.
The Qatar exchange index closed 0.19 per cent higher to 9,327.77. The Muscat MSM 30 index closed 0.26 per cent lower to 4,580.34. The Kuwait index closed 0.7 per cent higher to 4,758.51. In the Middle East, the Egyptian EGX 30 index closed 0.7 per cent lower to 15,908.91.
