Dubai: The Dubai index struggled at a key technical indicator, which it has been trying to breach since mid-August.
The Dubai Financial Market General index closed at 2,838.71, down 0.38 per cent. The index is languishing at 50-day moving average of 2,860, and Tuesday’s intra-day high of 2,850 was just short 10 points. The index has been trying to breach this 50-day moving average four times since mid-August.
“In Dubai, the favourites are clear for the result season and those are banks along withinsurance companies due to their performance in the first half along with a favourable environment particularly for the banking sector,” said Issam Kassabieh, senior analyst with Menacorp.
Drake and Scull (DSI) closed 14.76 per cent higher at Dh0.412. Drake and Scull closed at its upper circuit of the crucial shareholders meeting, when the company will decide on liquidation.
DSI, which has shed 21 per cent of its value since September 1, was the most-active stock in trade with a traded value of Dh196 million.
Dubai Entertainments closed 6.94 per cent higher at Dh0.385.
The Abu Dhabi index closed 0.29 per cent higher at 4,993.90. “The trend remains bullish and a close over 5,000 shall trigger further buying towards the next target zone at 5,200,” said Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities.
First Abu Dhabi Bank closed 0.41 per cent higher at Dh14.56. Abu Dhabi Commercial Bank closed 1 per cent higher at Dh8.08. Al Dar Properties
closed 2.78 per cent lower at Dh1.75.
Abu Dhabi National Oil Company For Distribution closed 0.84 per cent higher at Dh2.41. Saudi Arabia’s Tadawul index closed 0.65 per cent lower at 7,986.20. The energy index closed at 5,059.27, up 0.44 per cent.
Elsewhere in the Gulf, the Muscat MSM 30 index closed 0.06 per cent lower at 4,535.34. The Qatar exchange index closed 0.27 per cent higher at 9,817.07.
