Selective buying seen in Dubai stocks as index closes flat

Traded value in GFH was 41% of the total on the Dubai bourse

Published: 17:03 April 30, 2017

Siddesh Suresh Mayenkar, Senior Reporter

Dubai: Selective buying was witnessed in Dubai stocks like Amanat, Gulf Finance House, HITS Telecom and Tabreed even as index closed flat.

Gulf Finance House closed 5.63 per cent higher at Dh2.44, and was the most active stock in trade. Shares worth Dh162 million were traded, about 41 per cent of the total traded value.

“GFH, Eshraq & Shuaa back in the picture and retail will definitely continue biding them specially. RAKPROP could see some buying activity on back of improved earnings,” Hisham Khairy, head of institutional trading at Menacorp said in a note on Sunday.

Amanat closed 6.73 per cent higher at Dh1.11. Union Properties closed 1 per cent higher at Dh1.02. Arabtec was down 4.56 per cent at Dh0.859.

The Dubai Financial Market General Index closed 0.05 per cent lower at 3,414.93. The support from Emaar Properties was offset by weakness in Dubai Islamic Bank.

“The trend on Dubai index remains bearish as the market is trading below the 50, 100 & 200 day moving averages. Traders may stick to the outperformers and sell those which are trending bearish,” Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities said in a note.

Emaar Properties closed 1.39 per cent higher at Dh7.28, while Dubai Islamic Bank closed 1.19 per cent lower at Dh5.80.

DXB Entertainments closed 0.93 per cent lower at Dh0.956.

“Traders may look to sell while placing the stop loss over Dh0.995 in DXB Entertainments, The stock they may target are at Dh0.93/0.88 in the short term,” Prakash said.

Abu Dhabi

The Abu Dhabi Securities Exchange General Index closed 0.21 per cent higher at 4,522.56.

Abu Dhabi National closed 12.96 per cent higher at Dh0.61. Sharjah Islamic Bank closed 3.76 per cent higher at Dh1.38. Bank of Sharjah closed 2.10 per cent higher at Dh1.46.

Eshraq Properties closed 1.71 per cent lower at Dh1.15.

Commenting on Eshraq Properties, Prakash said “the support at Dh1.10 holds strong, the stock may head higher towards the previous highs at Dh1.23/1.30 in the near-term. ►Traders may look to hold and add further on bullish breakouts.”

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.85 per cent higher at 7,004.79.

The Qatar exchange index closed 0.25 per cent lower at 10,064.35.

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