Dubai: Dubai index snapped a six-day losing streak on Monday as bargain buying emerged from the lows.
The Dubai Financial Market General Index closed 0.36 per cent higher to 3,082.13. Traded value remained on the weak side, and came in at Dh214 million, compared to Dh96 million in the previous session.
“Mild recovery was seen on Dubai index, but only a close over 3,140 shall be considered bullish,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities said in a note.
Emaar Properties closed 0.72 per cent higher to Dh5.59. Emaar Development closed more than 1 per cent higher to Dh5.48. Dubai Islamic Bank closed 0.94 per cent higher to Dh5.35.
Air Arabia closed 0.84 per cent higher to Dh1.20.
The Abu Dhabi Securities Exchange general index closed 1.35 per cent higher to 4,665.24.
“The trend remains bullish as trades over the 14, 21 and 50-day moving averages levels. Traders may look to hold and add further selectively,” Prakash said.
Eshraq Properties closed 4.11 per cent higher to Dh0.46. Taqa closed 3.33 per cent higher to Dh0.93, after gaining 26 per cent in the past two weeks.
Abu Dhabi Commercial Bank closed to Dh6.68, up 1.98 per cent.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.09 per cent higher to 7,975.45.
Alinma Bank closed 0.33 per cent higher to 21.42 Saudi riyals. Saudi Kayan closed 1.25 per cent lower to 14.22 riyals. Saudi Basic Industries Corp. closed 0.81 per cent lower to 118 riyals. The Qatar exchange index closed 1.76 per cent higher to 8,936.77.
The Muscat MSM 30 index closed 0.14 per cent higher to 4,827.89. The Bahrain all share index closed 0.23 per cent higher to 1,287.41.
The Kuwait index closed at 6,633.44, up 0.45 per cent.
