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Dubai index gains in pre-Eid rally

Interest in undervalued bluechips helps add to the 6% gained by the index since May 30

Gulf News

Dubai: The Dubai index continued its gaining streak in a pre-Eid rally as traders bought under-valued bluechips.

The Dubai Financial Market (DFM) General Index closed 1.41 per cent higher at 3,097.38, after gaining 6 per cent since May 30.

Among the bluechips, Emaar Properties closed 4.13 per cent higher to end at Dh5.80, while Dubai Islamic Bank rose 1.17 per cent to close at Dh5.19.

Traders were seen buying ahead of the Eid holidays, which start this weekend, with total value in Dubai weighing in at Dh299 million at the close of trade, up from Dh190 million in the previous session. In other stocks, Gulf Finance House closed 0.68 per cent higher at Dh1.49.

Arabtec closed 1.7 per cent lower at Dh2.29.

“Lower volumes were expected as [the] Tadawul moves into its last trading day before Eid commences,” Menacorp said in a note. “However, some buying could take place as the market sees more fresh green and investor sentiment improves locally.”

The Abu Dhabi Securities Exchange (ADX) General Index closed at 4,733.39, up 0.89 per cent.

First Abu Dhabi Bank (FABS) ended the day 0.2 per cent higher at Dh12.6, while Aldar closed almost flat at Dh2.12. Etisalat rose 0.1 per cent to close at Dh17.1.

“Dana Gas, Aldar Properties and ADCB, alongside etisalat and First Abu Dhabi Bank, have been trading the most over the last month as more economic data indicates a gradual but eventual recovery for Abu Dhabi due to the several government incentives that have been tipping the scales in its favour,” the note added.

Union Arab Bank’s shares were flat at Dh1.24.

“Low volumes are predicted to persist with more selective buying and some selling on the likes of UAB after the buyout deal fell apart,” Menacorp said.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index fell 0.56 per cent to end at 8,232.53 while the Qatar Exchange index rounded off the day 0.31 per cent lower at 9,195.79.

The Muscat MSM 30 index closed 0.03 per cent higher at 4,602.78.

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