UAE indices ranged as all eyes on results

EMAAR SEES AGGRESSIVE BUYING TO CLOSE 1.22% HIGHER AT DH4.99

UAE indices traded ranged yesterday even as traders eyed the third quarter results to September.

The Dubai Financial Market General Index closed 0.44 per cent higher at 2,747.39. Traded value stood at Dh291 million.

Emaar Properties closed 1.22 per cent higher at Dh4.99. “Emaar Properties may target Dh5.38 and higher in the short term,” First Abu Dhabi Bank Securities (FABS) said in a note.

FABS had a technical buy on Emaar at Dh5 yesterday. Emaar Properties saw a total volume of 7 million shares, which was higher than the average traded volume of last seven days.

News on dividend

“Emaar is showing no intention to break beyond its resistance area as investors await news on whether the holding company will pass on its soon-to-be-received dividend from its subsidiary, Emaar Developments,” Essam Kassabieh, senior analyst with Menacorp said.

Gulf Navigation saw a total volume of 68 million shares, the highest level since January 2017. Gulf Navigation closed 3.85 per cent higher at Dh1.08.

The Abu Dhabi Securities Exchange general index closed 0.27 per cent higher at 4,956.19. Etisalat reclaimed recent highs and closed at Dh16.80, up 0.60 per cent. First Abu Dhabi Bank closed 0.16 per cent higher at Dh14.62.

In other stocks, Agthia closed 5.56 per cent higher at Dh3.99.

Traders will eye more third quarter results, which is considered as a weak quarter.

“Abu Dhabi’s banking sector is expected to have reported in full by end of next week which would pave the way for other sectors to come forth, with investors looking out to insurance companies such as Salama in Dubai which had seen the Abu Dhabi Financial Group grab a stake in this quarter,” Kassabieh said.

Elsewhere in the Gulf, the Muscat MSM 30 index closed 0.04 per cent higher at 4,454.75, while the Qatar exchange index closed 1.18 per cent higher at 10,274.45.