Dubai: Traders resorted to renewed buying in insurance stocks such as Dar Al Takaful, Salama, Dubai Islamic Insurance & Reinsurance Co and Methaq Takaful Insurance even as the wider index traded flat on Sunday. Saudi Arabia’s Tadawul index traded near its highest level in 52 weeks.

Dubai-listed Dar Al Takaful closed 4.7 per cent higher to Dh0.87, while Salama or Islamic Arab Insurance closed 0.99 per cent higher to Dh0.409. Dubai Islamic Insurance & Reinsurance Co shares closed 2.31 per cent higher to Dh0.708. Methaq Takaful Insurance listed in Abu Dhabi closed 2.56 per cent higher to Dh0.80.

Emaar Properties closed 0.58 per cent higher to Dh5.17, Emaar Malls closed 0.47 per cent higher to Dh2.12. Gulf Finance House closed 0.69 per cent lower to Dh1.43. Ithmaar closed 4.86 per cent lower to Dh0.372 after the company disclosed its exposure to the embattled private equity firm Abraaj.

The Abu Dhabi Securities Exchange general index closed 0.02 per cent higher to 4,771.05.

“The Abu Dhabi index tested the first target of 4,760, shall extend gains towards the next at 4,860 in the near term,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities, said.

Aldar Properties closed almost flat at Dh2.04, and was the most active stock in terms of traded value while Dana Gas closed almost flat at Dh1.07.

Near peak

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index was 0.27 per cent higher to 8,472.73. The Saudi Tadawul index is trading almost close to the 52-week high of 8,490. The record high was at 11,159 struck in September 2014.

“TASI is headed next towards the higher targets at 8,940/9,900. The trend remains bullish as technical indicators hold strong. Traders resort to immediate buying from the support levels in selected outperformers,” Prakash said.

Mobile Telecommunication Company Saudi Arabia was 0.31 per cent lower to 6.36 Saudi riyals. The trend is bullish in Mobily with support intact at 18.70 riyals. The stock may target 22/25 riyals in the short term, Prakash said.

Alinma Bank shares are looking bullish and traders may look to buy for a target of 23 riyals. Abdullah Al Othaim Markets may test 95 riyals in the short term, Prakash said.