Dubai
Dubai index added to its gains on Tuesday as traders continued their buying in anticipation of a rally in the short-term.
The Dubai Financial Market General Index closed 0.33 per cent higher to 3,044.77. The index has gained 7 per cent from its low of 2,870 seen in May.
“The market could pick-up where it left with individuals picking up their pace and buying into selective stocks; based on current movement, banks and realty are favourable,” Menacorp said in a morning note.
“Emaar Properties may see a leg up towards Dh6.10 in the medium term,” said Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities. FABS had a technical buy at Dh5 on May 14.
Emaar Properties closed 1.83 per cent higher to Dh5.55.
“Emaar Malls may target Dh2.24/2.38 in the short term. Traders may look to buy with stops placed below Dh2.04 support,” Prakash said.
Emaar Malls closed at Dh2.38, up 2.15 per cent, after breaching the key resistance level of Dh2.11. DFM shares closed 1.85 per cent higher to Dh1.15.
“DFM’s upmove indicate the market’s approaching recovery as the stock is highly correlated with the economy and investor sentiment aside from trading volumes that remain relatively low,” the Menacorp note added.
Among the losers, Dubai Islamic Bank closed at Dh5.18, down 1.15 per cent. The Abu Dhabi Securities Exchange general index closed 0.86 per cent higher to 4,616.53.
First Abu Dhabi Bank closed 1.66 per cent higher to Dh12.25. Etisalat closed 1.23 per cent higher to Dh16.4. Waha Capital closed 0.56 per cent higher to Dh1.78.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.86 per cent higher to 8,406.90.
Dar Alarkan Real Estate Development Co. closed 4.63 per cent higher to 10.84 Saudi riyals. Saudi Basic Industries Corp. closed 0.15 per cent lower to 129.40 riyals. The Qatar exchange index closed 2.12 per cent higher to 9,310.51.
