UAE stocks hold on to recent gains

EGYPTIAN INDEX JUMPS NEARLY 1% AFTER FALLING FOR THE PAST TWO WEEKS

The Dubai index held on to recent gains yesterday amid a lack of fresh leads, but traders were encouraged due to continued stability.

The Dubai Financial Market General index closed 0.07 per cent higher at 2,929.97.

Elsewhere in the Middle East, the Egyptian index rose nearly one per cent.

In Dubai, Drake and Scull closed 0.83 per cent lower at Dh1.19.

Dubai Islamic Bank rights closed more than 3 per cent lower at Dh1.54. Dubai Islamic Bank closed more than 1 per cent lower at Dh4.74.

Gulf bourses

The Abu Dhabi Securities Exchange general index closed 0.23 per cent higher at 4,547.34. Dana Gas closed flat at Dh1.09. Aldar Properties closed flat at Dh2.1.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.12 per cent lower at 7,962.77 ahead of the announcement from the MSCI on the possibility of index

ICE Brent Crude –1.38% inclusion. Dar Alarkan Real Estate Development Co. closed 3.66 per cent lower at 10.54 Saudi riyals, while Saudi Basic Industries Corp closed flat at 121 riyals.

The Muscat MSM 30 index closed 0.53 per cent higher at 4,591.14.

The Qatar exchange index closed 1.47 per cent higher at 9,125.24. The Kuwait index closed 0.18 per cent higher at 4,691.92.

The Bahrain bourse share index closed 0.21 cent weaker at 1,260.47.

The EGX 30 index rose after falling for the past two weeks.

The index closed 0.86 per cent higher at 16791.09, after falling nearly 2,000 points from its high seen in May.

Talaat Mostafa Group closed 0.80 per cent higher at 12.60 Egyptian pounds.

“Talaat Mostafa Group may rally to 13.75. Volumes are on the rise with price, hinting at accumulation,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities said in a note.

Heliopolis closed 2.97 per cent higher at 32.21 pound.

“Traders may go long in Heliopolis from current levels of 32.60 pounds, for a target of 40/46 pounds in the near term,” Prakash said.

ICE WTI Crude –1.39% all per