HITS Telecom, Aman shares hit upper circuit in steady Dubai market

Both stocks contribute to 25% of the total volumes of over Dh1b

Published: 16:36 January 11, 2017

By Siddesh SureshMayenkarSenior Reporter

Dubai: HITS Telecom shares hit an upper limit on Wednesday to reach their highest level in 52 weeks even as most of the bluechips remained steady. Dubai Islamic Insurance and Reinsurance Co also touched a high limit.

HITS Telecom gained 14.93 per cent to end at the intra-day high of Dh0.770, the highest level in the past year. Dubai Islamic Insurance and Reinsurance Co or Aman closed 14.5 per cent higher at Dh1.18. Both stocks were the most actively traded on the bourse, contributing to 25 per cent of the volumes of Dh1.01 billion.

Among other stocks, Gulf Finance House closed 2.49 per cent lower at Dh1.96.

“GFH is once more in the picture and could be starting another leg to the upside, targets are now Dh2.20/2.50,” said Hisham Khairy, Head of Institutional Trading at Menacorp.

Union Properties fell 1.71 per cent higher at Dh1.15, while Drake and Scull closed less than a per cent higher at Dh0.535.

Overall, the index closed 0.09 per cent lower at 3,721.62.

Abu Dhabi

The Abu Dhabi Securities Exchange general index closed 0.12 per cent lower at 4,662.86.

“The index broke over the sideways channel resistance, poised to target 4,730 in the near term. Break over [the resistance level] shall extend the recovery,” Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities said in a note.

Rak Properties closed 7.25 per cent higher at Dh0.74. National Bank of Abu Dhabi shares closed 1.43 per cent higher at Dh10.65. Arkan Building closed 6.45 per cent higher at Dh0.99.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 1.57 per cent lower at 6.897.80 on falling oil prices.

The Qatar exchange index closed 0.04 per cent higher at 10.704.29. The Muscat Securities MSM 30 index closed 0.28 per cent higher at 5,795.89. The Kuwait Stock Exchange index closed 0.27 per cent higher at 6,030.41.

The Bahrain bourse all share index closed 0.10 per cent at 1,208.84.

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