Dubai: Banking stocks were in demand ahead of key results on UAE bourses even as a fall in Emaar Properties weighed on the Dubai index.
The Dubai Financial Market General (DFM) Index closed 0.49 per cent lower at 3,495.81, wiping off gains seen in the previous session.
Overall, the index is on firm footing, with the gauge trending above the 50-day average of 3,440.
The Abu Dhabi Securities Exchange (ADX) General Index closed 0.37 per cent higher at 4,601.95.
Abu Dhabi Commercial Bank (ADCB), First Abu Dhabi Bank (FAB), Abu Dhabi Islamic Bank and Union National Bank all rose in Abu Dhabi, while Salam Bank and Dubai Islamic ended in positive zone.
ADCB closed 0.14 per cent higher at Dh7.30. FAB closed 1.37 per cent higher at Dh11.10, while Abu Dhabi Islamic Bank closed 0.51 per cent higher at Dh3.93.
In Dubai, Al Salam Bank closed rose 1.75 per cent higher to end the session at Dh1.16. Dubai Islamic Bank closed 0.15 per cent higher at Dh2.55.
Emirates NBD is scheduled to publish its results on Tuesday, while Dubai Islamic Bank and Commercial Bank of Dubai may come out with their results later in the week.
UNB is expected to gain momentum towards the 50-Week simple moving average (SMA) at Dh4.38, Prakash said.
Waha Capital is expected to extend gains towards the higher target at Dh2.15 in the near term, Shiv Prakash, a senior analyst with First Abu Dhabi Bank Securities (FABS), said in a note. FABS had a technical buy on the stock at Dh1.80 last week.
Emaar Malls in Dubai closed 1.16 per cent higher at Dh2.23 but Emaar Properties closed more than 1.3 per cent lower at Dh7.20.
“Emaar held again the Dh7.20 support, was lifted to the Dh7.30 [mark] ahead of the assembly meeting to approve the special dividend. [It] needs to break the Dh7.50 [level] to target the Dh7.70 [mark] and above. News could be the catalyst,” Hesham Khairy, head of Institutional Trading at Menacorp, said.
Elsewhere in the Gulf region, Saudi Arabia’s Tadawul index closed 0.59 per cent higher at 7,483.23.
