DFM shares mirror global mood and edge up

The Dubai bourse’s main index closed higher yesterday, buoyed by real estate developer Emaar Properties and Air Arabia’s second day of gains.

The Dubai Financial Market (DFM) index closed up 10.7 points at 2,698.78, while Abu Dhabi’s ADX edged down 0.3 per cent at 5,131.37 points.

“The (DFM) index is seen struggling to find support at 2,680, but if fails to hold over, may target next lower support zone at 2,620 near term,” Shiv Prakash, senior analyst at First Abu Dhabi Bank Securities, indicated in a note.

On the DFM, Emaar Properties closed nearly 1 per cent higher, while Air Arabia rose 2 per cent, a day after closing over 4 per cent higher. Both Emirates NBD and the bank’s recent right issue traded 0.4 per cent up.

Dubai Financial Market’s holding company gained 1.2 per cent, as investors cheered the exchange’s return to higher profitability in the thirdquarter after a slump in first-half profits.

Tight range

The prices of investments are expected to remain within a tight range on the Abu Dhabi Securities Exchange (ADX), the note further revealed, “with support seen at 5,050 [points] and resistance at 5,180 level.”

Telecoms firm Etisalat shed 0.4 per cent on the ADX, while Abu Dhabi National Energy Company plunged 5.8 per cent.

Meanwhile, Saudi Arabia’s stock market rose 1 per cent, driven by corporate earnings and gains made by banking stocks. In Qatar, the index slipped 0.2 per cent, bogged down by declines in Qatar National Bank.