Dubai
Arabtec, Gulf Finance House witnessed recovery on Wednesday as the share prices reached a key support level.
Arabtec closed 2.48 per cent higher at Dh3.31. Gulf Finance House closed 2.86 per cent higher at Dh1.8. The Dubai Financial Market General Index closed 0.27 per cent higher at 3,589.30.
“Profit taking from the initial sell trigger level at 3,622 almost met the rising channel support at 3,558 in the Dubai index. Near term reversal shall be formed if we close over the 21-day moving average at 3,620, which may lift us to the previous high,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities.
Union Porperties and Emaar Propertis also saw buying. UPP closed 1.22 per cent higher at Dh0.83. Emaar Properties closed nearly 1 per cent higher at Dh8.34. Aman closed 3.59 per cent higher at Dh0.95.
The Abu Dhabi Securities Exchange general index closed 0.59 per cent higher at 4,497.34. Taqa shares 11.11 per cent higher at Dh0.60. Dana Gas closed 5.08 per cent higher at Dh0.62.
National Bank of Abu Dhabi closed 1.44 per cent higher at Dh10.60. Abu Dhabi Islamic Bank closed 1.67 per cent higher at Dh3.65. Commercial Bank International closed 9.52 per cent lower at Dh1.14. Agthia closed 1.11 per cent lower at Dh5.36.
The Kuwait Market Price Index closed on a positive note, gaining 0.15 per cent at 6,854 points.
The financial services index saw highest volumes followed by banks. Zain shares closed 1.81 per cent higher at 0.505 Kuwaiti dinars, while Americana closed 1.72 per cent lower at 2 dinars.
Elsewhere in Gulf, Saudi Arabia’s Tadawul index closed 0.35 per cent higher at 7,128.35. The Qatar exchange index closed 1.23 per cent lower at 9,022.25.
The Muscat MSM 30 index closed 0.35 per cent lower at 4,912.57.
