Dubai index eases slightly after 2% gains

The Dubai index eased slightly on Thursday on profit-taking in Emaar after the stock jumped 10% in the previous session.

By Siddesh Suresh Mayenkar Senior Reporter

Dubai:

The Dubai index eased slightly on Thursday on profit-taking in Emaar after the stock jumped 10 per cent in the previous session.

The Dubai Financial Market General index closed 0.17 per cent lower at 3,400.10, after gaining more than 2 per cent in the previous session. Emaar Properties closed 0.26 per cent lower at Dh7.58.

Emaar Properties stayed at elevated levels after rising as much as Dh7.72 in the previous session. Analysts say despite slight profit-taking, the outlook remains intact.“A clear break of Dh7.7 level will open the way to test Dh8 which meets the declining trend line from 2014,” said Hisham Khairy, Head of Institutional Trading, Menacorp.

A small gap down closing wouldn’t change the view of analysts on Dubai index.“DFM index managed to break the 3,350 resistance and reached first target around the 3,400, next target is around the 3500,” Khairy said.

Drake and Scull rose more than 4 per cent and closed at Dh0.417. DSI was the actively traded stock, contributing to 61 per cent of the total traded volume.

Kuwait based stocks witnessed buying again. Al Madina, HITS Telecom Trading was at the highest level since February 2017.

The Abu Dhabi Securities Exchange general index closed 0.5 per cent higher at 4,476.57.

Dana Gas closed 3.92 per cent higher at Dh0.53. Dana Gas’ next resistance would be the Dh0.55, Khairy said.

National Bank of Abu Dhabi Securities closed 1.90 per cent higher at Dh10.70. Manazel closed 1.96 per cent higher at Dh0.52. Abu Dhabi National Energy closed 3.64 per cent higher at Dh0.57.

Commercial Bank International closed 8.97 per cent lower at Dh1.32. Abu Dhabi Commercial Bank closed 0.95 per cent lower at Dh7.28. Elsewhere in the Gulf, Saudi Arabia’s Tadawul index was nearly 1 per cent lower at 6,879.19. The Qatar exchange index closed 3 per cent higher at 9,237.68 as traders sought to buy stocks at lower levels. The Muscat MSM 30 index closed 0.32 per cent lower at 5,354.77.

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