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Dubai bourse sees mild selling at resistance level

The Abu Dhabi index gained, maintaining its outperformance

Gulf News

Dubai:

The Dubai bourse witnessed mild selling from its key resistance level on Thursday even as Abu Dhabi gained, maintaining its outperformance.

The Dubai Financial Market General index closed 0.20 per cent down at 2,926.04, after witnessing resistance at 50-day moving average of 2,935.

“Stochastics [or momentum indicator] suggest that the [Dubai] index is in a overbought area, which is a cause of concern in the near term. A break below the 14-day moving average of 2,890 may ignite profit-taking,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities.

In stock-specific action, Dubai Islamic Insurance and Reinsurance Co. closed 3.22 per cent lower to Dh0.692. Amlak closed 2.80 per cent lower to Dh0.728.

Dubai’s stock market lagsDar Al Takaful closed more than 2 per cent lower to Dh0.764. Damac Properties closed 1.38 per cent lower to Dh2.15. Emaar Properties closed 1 per cent lower to Dh5.14.

Among the winners, Dubai Islamic Bank closed 0.18 per cent higher to Dh4.97. Emirates NBD continued its gaining streak for another session, and closed 0.49 per cent higher to Dh10.35.

DP World closed more than 2.17 per cent higher to $23.50. Emirates Integrated Telecommunications Co (du) closed 0.2 per cent higher to Dh5.13 after reporting 1.3 per cent increase in net profit.

“For du, the catalyst would be if the company allows foreign ownership. This would make it eligible for inclusion in indices attracting passive flows and re-rate the stock,” Vrajesh Bhandari, portfolio manager at Al Mal Capital, said.

The Abu Dhabi Securities Exchange general index closed 0.32 per cent higher to 4,770.09.

“The index, as expected, tested the first target of 4,760, and shall extend gains towards the next at 4,860 in the near term,” Prakash said.

The Dubai index has shed 13.18 per cent so far in the year, compared to 8.45 per cent gains on the Abu Dhabi index.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index was 0.05 per cent lower to 8,448.20. Saudi Basic Industries Corp was 0.46 per cent lower to 128.80 Saudi riyals, while Alinma Bank was 2 per cent higher to 22.30 riyals. Al Rajhi Bank was 2.11 per cent lower to 88.30 riyals. The Muscat MSM 30 index closed 0.20 per cent lower to 4,448.28. The Qatar exchange index closed 0.29 per cent lower to 9,420.67. The Kuwait all share index closed 0.11 per cent higher to 5,210.85. The Bahrain all share index closed 0.28 per cent higher to 1,354.66.

In the wider Middle East, The EGX 30 index fell 1.03 per cent to 15,418.80.

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