Marka joins better performing stocks in Dubai
Published: 17:43 December 22, 2016
Dubai: Marka became the latest entrant in the list of better performing stocks on Dubai bourse. The stock gained for a tenth straight day on Tuesday as investors piled up in the stock.
“It’s retail talk that’s driving the stock after a big volume that this stock had a week before,” said Ahmad Waheed, Vice President — Institutional Desk, Menacorp.
“As long as markets are stable, retail clients will look at opportunities, so yesterday it was GFH, today it is Marka or tomorrow it is going to be Eshraq again, who knows?,” Waheed added.
Marka gained more than 5 per cent to end at Dh1.59, after gaining nearly 40 per cent in the past nine sessions.
The stock was in a tight range of Dh1-1.30 in the past two years, but witnessed a sudden spurt in volumes on December 12, when 28 million shares were traded at Dh1.32.
“Traders may look to hold Marka and add further with higher targets intact at Dh1.80/2.00 in the near term,” Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities, who generated a technical buy rating on the stock at Dh1.30.
The performance in Marka comes weeks after small cap stocks like GFH, Shuaa Capital, Gulf Navigation among others caught the attention of retail investors, triggering a more than 200 per cent rally in prices.
Amanat closed 2.45 per cent higher at Dh0.960, and was the most active stock in trade. Al Ramz Corporation went as high as Dh1.8, before closing flat at Dh1.62. Traded volumes were at 4.69 million shares in the last one hour. Al Salam Holdings rose 3.46 per cent higher at Dh0.628.
Overall, the Dubai Financial Market General index closed 0.08 per cent lower at 3,517.33. Out of a total of 39 stocks traded on the exchange, shares of 11 firms fell, while other 20 rose. The rest remained steady.
The Abu Dhabi Securities Exchange General index closed 0.68 per cent lower at 4,436.82. Manazel closed at Dh0.58, 1.75 per cent higher. Aldar Properties closed flat at Dh0.65, up 0.38 per cent.
Out of a total of 25 stocks traded on the exchange, shares of 11 firms rose, while other nine fell.
Going ahead, investors would be looking at first quarter results.
“The budget is good, so we are expecting good numbers from companies as well, we cannot say anything until we see results from the banks,” Waheed said.
Elsewhere in the region, Saudi’s Tadawul index was 0.30 per cent higher ahead of the budget, while the Qatar exchange index closed 0.34 per cent higher at 10,427.91. The Muscat Securities MSM 30 index closed 0.15 per cent higher at 5,736.51. The Kuwait Stock Exchange index closed 0.07 per cent higher at 5,676.22.