Dubai: About 200 million shares of Air Arabia changed hands in 10 minutes post noon on the Dubai Financial Market, cornering 76 per cent of the traded volume on Monday.
Air Arabia was the most-active stock on the bourse, and the bulk deals didn’t materially impact the price. Air Arabia closed 1.90 per cent higher at Dh1.07.
The Dubai Financial Market general index closed 0.81 per cent higher at 2,965.51. Dubai Islamic Bank rose to a six week high of Dh5.09, the level last seen on June 14. DIB closed 1.04 per cent higher at Dh5.08.
“DIB has breached its previous high of Dh5.04 and the stock shall extend gains to the 23.6 per cent Fibonacci retracement level of Dh5.12/Dh5.26 in the near term,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities said.
Property shares rose ahead of their second quarter results. Emaar Properties closed 1.34 per cent higher at Dh5.28. Damac Properties closed 1.83 per cent higher at Dh2.2. Gulf Finance House closed flat at Dh1.4.
“GFH may head lower towards the trendline support at Dh1.32,” Prakash said.
The Abu Dhabi index edged higher on the back of buying in First Abu Dhabi Bank and etisalat. The Abu Dhabi Securities Exchange general index closed 0.29 per cent higher at 4,846.25. Adnoc Distribution closed 0.8 per cent higher to Dh2.02.
First Abu Dhabi Bank closed 0.74 per cent higher at Dh13.6. Etisalat closed 0.29 per cent higher at Dh17.15.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.07 per cent lower at 8,301.36.
Saudi Basic Industries Corp. closed 0.46 per cent lower to 129.20 Saudi riyals. Alinma Bank closed 2.15 per cent higher at 22.86 riyals. Saudi Kayan Petrochemical Co. closed 0.11 per cent lower at 18.38 riyals.
The Qatar exchange index closed 0.22 per cent higher at 9,651.77.
The Muscat MSM 30 index closed 0.41 per cent lower at 4,320.46.
