Dubai: The Dubai Financial Market (DFM) index reversed early losses on Monday due to buying in property names along with Air Arabia trades, even as traders brace for second-quarter results.

The DFM General Index closed at 3,417.94, up 0.45 per cent, after moving within a wide range of 3,402.66-3,436.89. Damac, Emaar Malls, Union Properties witnessed a bounce, while Deyaar Properties and RAK Properties also ended higher.

Damac Properties rose 3.63 per cent to Dh3.43, while Union Properties was up more than 1.7 per cent at Dh0.94.

Results

“We would see a formation of an answer with banking results,” Sanyalaksna Manibhandu, director of research at National Bank of Abu Dhabi Securities, said.

A few banks are expected to be publish their set of results on Wednesday, followed by Emirates NBD next week.

“We need to have the first batch of banks for uncertainty,” Manibhandu said, adding there will be wild swings in stocks as people buy and sell with an intention to profit.

“Once there is more certainty, they will be convinced,” he said, adding that Qatar National Bank (QNB) results would be keenly eyed to assess the impact of the blockade on Qatar.

Similar impairments

Talking about his expectations concerning second-quarter results, Manibhandu said “we won’t get much change from the first quarter. Individual banks would differ in terms of impairment, and that’s the wild card.”

Air Arabia closed 1.96 per cent higher at Dh1.04. “Air Arabia hints further recovery towards the neckline at Dh1.12, and later [it] shall target Dh1.20 in the short term,” Shiv Prakash, a senior analyst at NBADS, said. “Traders buying must place stop loss just below the support [level] at Dh1.”

The Abu Dhabi Securities Exchange (ADX) General Index closed 0.28 per cent lower at 4,397.96.

Abu Dhabi Ship Building shed 9.2 per cent to close at Dh2.37 while Abu Dhabi Commercial Bank slipped 2.38 per cent to end the day at Dh6.96.

RAK Properties closed 1.56 per cent higher at Dh0.65.

Elsewhere in the Gulf region, Saudi Arabia’s Tadawul index closed 0.98 per cent higher at 7,236.94, while the Qatar Exchange index closed 1.02 per cent higher at 8,995.12.