Dubai:
After a week of sell-off, Dubai index stood firm on Sunday even traders expect strong third quarter results from Emaar Properties to lead to further recovery.
Emaar Properties closed more than 1 per cent to end at Dh7.88. Emaar Properties has been on a recovery path since Wednesday after it hit a low of Dh7.60, the lowest level since June 12.
“The stock may witness corrective bounce and target Dh8.10/8.35 in the near term,” Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities said in a note.
Early rally in Gulf Finance House fizzled out, closing flat for the day at Dh1.44. Dubai Islamic Bank 0.17 per cent higher at Dh6. Dubai Investments closed 0.82 per cent higher at Dh2.42.
“The medium term trend remains bullish as the stock holds over the important support levels. DIC may see a recovery towards Dh2.52/2.56,” said Prakash.
The Dubai Financial Market General Index closed 0.43 per cent higher at 3,464.74. “The RSI of Dubai index has given a bullish breakout on the trendline resistance hints a corrective bounce to 3,510/3,538 resistance levels,” Prakash said.
The Abu Dhabi Securities Exchange index closed 4,373.73, down 0.06 per cent. Etisalat closed 1.16 per cent lower at Dh17. Union National Bank closed 2.24 per cent higher at Dh4.10. Abu Dhabi Commercial Bank closed 0.55 per cent higher at Dh7.30.
Gulf equities have been on the downward movement since the crackdown on corruption in Saudi Arabia.
“We believe this indiscriminate sell off has given rise to several interesting opportunities. Local markets are dominated by retail and they generally panic on major changes from status quo,” said Marwan Haddad, Lead Portfolio Manager MENA Equities at Al Mal Capital.
The Tadawul index closed 0.31 per cent lower at 6,933.09. The Qatar exchange index closed at 7,875.63, down 0.13 per cent. The Muscat MSM 30 index closed 0.24 per cent higher at 5,067.21.
