Dubai: Deyaar Properties on Tuesday witnessed its highest trade volumes since February on the Dubai Financial Market (DFM), while Eshraq Properties continued its strong momentum on the Abu Dhabi Securities Exchange (ADX).
About 86 million Deyaar shares changed hands, leading to a 9.95 per cent rise in the share price to Dh0.475 on a day that the DFM general index gained 0.55 per cent to close at 2,727.87.
Deyaar has been witnessing upward volume action since September 6. Meanwhile, Eshraq Properties saw about 34 million shares change hands, making it the most active stock in trade.
This haul added to the 44 million shares traded in the previous session. The stock closed 3.12 per cent higher at Dh0.63.
“The trend is gradually turning bullish in Eshraq, and the share price may head towards the target zone of Dh0.68 in the near term,” Shiv Prakash, a senior analyst with First Abu Dhabi Bank (FAB), said in a note. He added that Deyaar could target Dh0.52 in the short-term.
Eshraq Properties announced this summer that it would not pursue a merger with Reem Investment or any other M&A activity for that matter.
Meanwhile, Salama Insurance saw its winning streak stretch into another session, closing 0.54 per cent higher at Dh0.739. The stock is up 86 per cent from August 14 despite the Dubai index declining 4.5 per cent during the same period.
In other stocks, DP World closed more than a per cent lower at $18.03 (Dh66.22), while Dubai Investments also closed 1.23 per cent lower at Dh1.60.
The ADX general index closed 0.04 per cent lower at 4,930.90. Dana Gas shed 0.88 per cent to close at Dh1.13.
Tadawul recovers
Saudi Arabia’s Tadawul All Share Index recovered after US Secretary of State Mike Pompeo met King Salman Bin Abdul Aziz Al Saud over the alleged disappearance of Saudi journalist Jamal Kashoggi.
The index closed 1.31 per cent higher at 7,666.80, having recovered from a low of 7,262.65 earlier in the session.
The Tadawul had recovered 4 per cent in the previous session following a 7 per cent fall on Sunday.
