Amanat rebounds more in recovering Dubai index

Bulk trades seen in Union Properties as volumes continue to jump ahead of the board meeting on May 4

Published: 16:27 May 1, 2017

Siddesh Suresh Mayenkar, Senior Reporter

Dubai:

Amanat shares extended gains on Monday with a rebounding Dubai index, even as brisk buying continued in Union Properties.

Amanat closed 4.5 per cent higher at Dh1.16. Amanat witnessed the highest volume since November 2016.

“The neckline support at Dh1.03 is expected to hold strong, Amanat is poised to recover towards the previous high at Dh1.24,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities.

Traded volume rose to 210 million shares, contributing to 40 per cent to the total turnover. Union Properties closed 3.92 per cent higher at Dh1.06.

“UPP tested its Dh1.07 resistance, a break of that level is needed to continue and target the Dh1.15,” Hisham Khairy, Head of Institutional Trading, Menacorp said.

Traded value in UPP rose to Dh63 million, the highest since Thursday. The Dubai Financial Market General Index closed 0.75 per cent higher at 3,440.58.

Out of a total of 33 stocks traded on the exchange, shares of 18 firms rose, while other 11 fell. The rest remained steady.

Buying was seen in Abu Dhabi banks like National Bank of Abu Dhabi, Abu Dhabi Commercial Bank.

Bank buying

The Abu Dhabi Securities Exchange General Index closed 0.79 per cent higher at 4,558.09. Bank of Sharjah closed 9.59 per cent higher at Dh1.60. Union National Bank closed 3 per cent higher at Dh5.15. National Bank of Abu Dhabi closed 0.90 per cent higher at Dh11.15.

Etisalat closed 0.57 per cent higher at Dh17.55. Abu Dhabi Islamic Bank closed 1.11 per cent higher at Dh3.64.

Out of a total of 27 stocks, shares of 15 firms rose, while other 7 fell.

Elsewhere in the Gulf, the Tadawul index was at 7,031.10, up 0.25 per cent. The Qatar exchange index closed 0.46 per cent higher at 10,110.45.

The Muscat MSM 30 index closed 0.28 per cent at 5,528.69. The Bahrain bourse index was up 0.26 per cent at 1,335.67.

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