Dubai index recovers with blue chip stocks

Dual-listed Kuwaiti stocks including HITS Telecom were up

Published: 16:50 April 26, 2017

Siddesh Suresh Mayenkar, Senior Reporter

Dubai:

The Dubai index recovered from its early low on Wednesday as traders bought back Emaar Properties and other select stocks from lower levels.

The Dubai Financial Market General index hit of a 3,423, before closing at 3,438.83, up 0.15 per cent.

Emaar Properties recovered from a low of Dh7.12, before closing 0.22 per cent lower at Dh7.20.

Arabtec closed 4 per cent higher at Dh0.900. “The stock is poised to gain further momentum and hit critical resistance of Dh0.96, a break over this level trigger further recovery to Dh1.00 in the short-term,” said Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities in a note. “Near term traders may look to buy using Dh0.86 as the stop,” Prakash said.

Overall 36 million shares were traded in Arabtec, and over 20 million alone came in the last hour of trade.

Dual-listed Kuwaiti stocks were up. Al Madina, HITS Telecom, EKTTIKAB all ended more than 3 per cent higher.

Al Madina closed 5 per cent higher, while EKTTIKAB closed 5.38 per cent higher. HITS telecom closed 3.72 per cent higher.

Foreign buying

“Aldar has been seeing decent foreign buying for the past couple of sessions as well as NBAD,” said Hisham Khairy, Head of Institutional Trading at Menacorp.

“Aldar seems to have found a support around the Dh2.10 no confirmation of a reversal from the down trend yet but its worth watching,” he added.

Aldar closed 1.40 per cent higher at Dh2.18.

The Abu Dhabi Securities Exchange General Index closed 0.52 per cent lower at 4,541.04.

Abu Dhabi National Energy (Taqa) closed flat at Dh0.60.

Abu Dhabi Ship Building closed 9 per cent lower at Dh2.72. National Bank of Abu Dhabi closed 2.23 per cent lower at Dh10.95. Abu Dhabi Islamic Bank closed 0.28 per cent lower at Dh3.6.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.02 per cent higher at 6,917.03. The Qatar exchange index closed flat at 10,157.37.

The Muscat MSM 30 index closed 0.80 per cent higher at 5,510.18.