Dubai
Waha Capital witnessed aggressive buying on the Abu Dhabi on Wednesday bourse ahead of dividend announcement even as the wider Abu Dhabi index closed in the negative zone. About 25 million shares were traded on the name, compared to an average of 1.5-2 million.
Waha Capital closed 8.46 per cent higher at the day’s high Dh2.18.
“Waha is headed towards the target of Dh2.53 in the short term,” said Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities in a note. FABS had a technical buy call on the stock at Dh1.85 on December 28.
The Abu Dhabi Securities Exchange closed 0.35 per cent lower at 4,627.47.
In other stocks, National Bank of Umm Al Quwain closed 10 per cent lower at Dh2.7, while Union Cement ended 9.94 per cent lower at Dh1.45.
Emaar Properties stabilised after the stock fell more than 6 per cent post the adjustment to the special dividend. Emaar Properties closed 0.59 per cent higher at Dh6.87. Deyaar Properties closed at Dh0.562, up 2.18 per cent.
Amanat edged higher in trade. Gulf Navigation witnessed a downward move ahead of rights issue next month. Gulf Navigation fell 1.85 per cent to be at Dh1.05, extending fall for another session. The stock has been falling after hitting a high of Dh1.56 in October.
The Dubai Financial Market General index closed 0.44 per cent lower at 3,463.48. In other stocks, Dubai Islamic Bank closed 1 per cent lower at Dh6.45, while Gulf Finance House closed 0.66 per cent higher at Dh1.51.
Union Properties closed 1.09 per cent lower at Dh0.99.
“Market back to action after a couple of days of being quiet, a big cross took place on UPP at different levels, stock managed to hold the support at Dh0.99 and tried to break the Dh1.02 strong resistance but failed, needs to confirm a break of that level to renew another buying signal, momentum there for it to break higher,” said Hisham Khairy, head of institutional trading at Menacorp.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.25 per cent lower at 7,475.42.
