Dubai:

After buying in banking shares, property stocks were in demand and witnessed a good amount of accumulation on UAE bourses.

Dubai index closed above the 50-day moving average of 3,460, instilling further confidence among traders, who were looking to buy ahead of dividend season. The Dubai Financial Market General index closed 0.22 per cent higher at 3,471.09.

Shares of Union Properties, Eshraq Properties, Rak Properties, Damac were in demand after buying in banking shares like First Gulf Bank, Abu Dhabi Commercial Bank last week.

Damac Properties witnessed fresh buying, closing 2.11 per cent higher at Dh3.38. Arabtec closed 6.53 per cent higher at Dh2.61. while Eshraq Properties closed 2.63 per cent higher at Dh0.78. “Eshraq shares may extend gains towards the Fibonacci retracement levels at Dh0.81/0.89 in the near term,” said Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities in a note. FABS had a technical buy on Eshraq at Dh0.72 last week.

In other stocks, Gulf Finance House closed 1.28 per cent higher at Dh1.58. Saleem Bank Bahrain surged 5 per cent and closed at Dh1.15.

Dubai Islamic Bank closed 0.63 per cent higher at Dh6.37. “DIB may head towards the target zone at Dh6.55/6.85 in the near term,” Prakash said.

The Abu Dhabi Securities Exchange general index closed 0.18 per cent at 4,556.41.

Good start

“We had a good start to the year, not only in global markets but also in regional markets. We are benefiting from a recovery in oil prices, and renewed focus on growth,” Saleem Khokar, head of equities, First Abu Dhabi Bank Investment Management said.

The Dubai index gained 2.9 per cent since the start of the year, with a recovery in traded value. On Sunday, traded value was at Dh489 million as against an average of Dh200 million on that day.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.63 per cent higher at 7,322.92 after the government increased salaries and reinstated benefits to the employees to offset the impact from Value Added tax.

The Qatar exchange index closed 1.40 per cent higher at 8,751.20.