Dubai index recovers from early lows on select buying
DFM CLOSES 0.73% HIGHER AT 4,182.04 AFTER CLAWING ITS WAY BACK FROM A LOW OF 4,111.24
The Dubai index yesterday recovered from its early lows helped by buying in real estate companies. The Abu Dhabi index, however, ended flat.
The Dubai Financial Market General Index closed 0.73 per cent higher at 4,182.04 in late trade after recovering from a low of 4,111.24.
According to Osama Al Ashri, member of British organisation, Society of Technical Analysts, the “Dubai index could have resistance at 4,290 by next week.”
Emaar Malls’ shares closed 2.89 per cent higher at Dh3.20, while Gulf Finance House (GFH) jumped 8.12 per cent to close at Dh0.772. GFH contributed to 27 per cent of the total turnover and was the most active stock in trade. It may touch a new target of above Dh1 by next month, Al Ashri said.
Property majors like Arabtec also rose 0.68 per cent to close at Dh2.97 while Damac Properties ended 0.61 per cent higher at Dh3.28. Al Ashri said Dubai Investment may touch a resistance level of Dh3.17/3.29 in the next few weeks.
Emaar Properties could consolidate in the range of Dh8-Dh8.50, having closed 1 per cent higher at Dh8.12. Out of a total of 34 companies traded on the exchange, the shares of 17 companies rose, while those of 10 fell.
Earnings in focus
“Investors are waiting for the big results like [those of] Emaar Properties and Aldar Properties and also National Bank of Abu Dhabi (NBAD). These results would drive the markets until the end of results season,” Sanyalaksna Manibhandu, manager of Research at NBAD Securities, said.
“No one wanted to trade in the fourth quarter due to volatile crude prices, lower deposits in the country. Those concerns are not there, so that’s why we are seeing more trading.”
Shares worth more than Dh1