Dubai
Stock-specific action was seen on the Dubai bourse even as the index moved in a narrow range.
Stocks like DXB Entertainments, Deyaar Properties, Amanat, Emaar Malls were in demand on Thursday.
Amanat, which was the most active stock on the bourse, closed 3.45 per cent higher at Dh1.50. Amanat contributed to 22 per cent of the total traded value of Dh320 million.
Amanat may target Dh1.62 in coming sessions, said Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities (FABS) in a note. FABS had a technical buy on the stock at Dh1.42 on January 21.
The Dubai Financial Market General index closed 0.15 per cent higher at 3,468.65.
Deyaar Properties closed 1.6 per cent higher at Dh0.571.
Deyaar managed to continue moving higher after a big cross that took place around the Dh0.56, stock closed strong next target would be around the Dh0.585, Hisham Khairy, head of institutional trading at Menacorp. DXB Entertainments closed at Dh0.652, up 3 per cent.
Surging bank stocks:
Abu Dhabi Commercial Bank closed and Union National Bank witnessed renewed buying on the Abu Dhabi bourse. UNB closed 4 per cent higher at Dh4.09.
The Abu Dhabi Securities Exchange general index closed at 4,643.54, up 0.35 per cent.
“Aggressive buying in banking stocks pushed index over the trendline resistance of 4,608, the index is expected to extend gains towards the target zone at 4,800. Traders may look to add selective stocks placing 4,450 as the stop loss,” Prakash said. Waha Capital closed a tad lower at Dh2.17.
The upside is restricted in Dh2.15-2.20 area in Waha Capital, and traders can be buyers if the stock falls to Dh2, Menacorp’s Khairy said.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.57 per cent higher at 7,521.64. The Qatar exchange index closed 1.08 per cent higher at 9,459.61.
