Dubai:
Activity on DFM was revived as Drake and Scull hit the upper circuit, triggering buying in other contracting and property companies like Arabtec, Damac among others.
The Dubai Financial Market General Index closed 0.80 per cent higher at 3,598.65, recovering from losses registered in the previous sessions.
Drake and Scull closed 14.38 per cent higher at Dh1.67.
“DSI may witness recovery towards the previous high at Dh1.76 and later target resistances at Dh1.90/2 in the short term. The stock is also holding over the 50 Day moving average which is a positive sign,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities in a note.
Other property majors also witnessed buying on the back of surging DSI shares.
Arabtec closed 4.9 per cent higher at Dh3, while Damac Properties closed 2.09 per cent higher at Dh3.19.
“Dubai Investments could be starting a move to the test the recent high of Dh2.54, a break of the Dh2.40 would confirm further strength, stock is usually the first to move and gives a signal that market could be getting ready for a move to the upside,” said Hisham Khairy, Head of Institutional Trading at Menacorp.
Traded value jumped to Dh375 million from a little over Dh100 million in previous session.
The Abu Dhabi Securities Exchange general index closed 0.17 per cent lower at 4,433.72. United Arab Bank closed 9.35 per cent lower at Dh1.94. The bank shares had surged following reports of stake sale by Commercial Bank, which owns 40 per cent in the Abu Dhabi listed bank. Union National Bank closed 1.17 per cent lower at Dh4.21.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.48 per cent higher at 7,279.29. The Muscat MSM 30 index closed 0.34 per cent lower at 5,207.73.
