Abu Dhabi stocks outperforms regional peers amid low volumes

Rest of the gulf indices ended less than a per cent higher

Published: 17:56 April 13, 2016

Siddesh Suresh Mayenkar, Senior Reporter

Dubai: Abu Dhabi stocks, which extended gains for a fourth session, led regional gains yesterday, joining world peers amid low volumes, as oil prices rebounded overnight. Indices in the rest of the Gulf ended less than a per cent higher.

The Abu Dhabi Securities Exchange general index closed 1.06 per cent higher at 4,454.94, after hitting a high of 4,468.64.

Traders bought stocks like Eshraq Properties, Taqa and Aldar Properties. Eshraq Properties closed 1.18 per cent higher atDh 0.86, while Taqa ended more than 11 per cent higher at Dh0.60. Aldar Properties ended more than a per cent higher at Dh2.78. Out of a total of 30 stocks traded on the exchange, shares of 13 firms rose, while other 8 fell.

Dubai Financial Market (DFM) General index closed 0.78 per cent higher at 3,501.04, after trading in the range of 3,463.47-3,516.15.

“Our market is showing signs of exhaustion, especially that we are very close to the 3,500 resistance on the Dubai index,” said Hisham Khairy, head of institutional trading at Menacorp.

Emaar Properties ended more than 2.74 per cent higher at Dh6.38, while Dubai Investments ended more than 2.5 per cent higher at Dh2.45 ahead of the annual general meeting on Wednesday. DFM stocks ended more than 5 per cent higher at Dh1.53. Union Properties ended 1 per cent lower at Dh0.888, while Deyaar Properties ended 1 per cent lower at Dh0.674.

“In the medium term, Deyaar would continue to test resistance level at Dh0.65, the trend characteristics have lost strength in the medium term after the break above the previous top at Dh0.55,” Menacorp said in a note to clients. Out of a total of 35 stocks traded on the exchange, shares of 13 firms each rose and fell.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul All Share index closed 0.60 per cent higher at 6,442.04, while Muscat index closed almost flat at 5,730.97.

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