Dubai Financial Market Dubai Financial Market

2,713.05 -0.88 -0.03 %

DSI jumps in a listless Dubai bourse

(12/7/2017 6:25:00 AM)

Drake and Scull (DSI) jumped nearly 10 per cent contributing to more than 50 per cent of the total traded value, in an otherwise listless trade in Dubai.

DSI closed 9.63 per cent higher at Dh2.05, with traded value of Dh248 million out of the total Dh480 million.

First Abu Dhabi Bank Securities (FABS) had a technical buy on DSI at Dh1.75 on November 15.

Since the stock has gained 17 per cent in a sluggish market, FABS is advising clients to book partial profit after the target of Dh2.06 was met.

“DSI charts are very bullish but still we advise traders to book partial profits from the resistance levels of Dh2.06 and hold the rest with stops trailed to Dh1.97,” said Shiv Prakash, senior analyst with FABS in a note.

In other stocks, Gulf Finance House closed more than 1 per cent lower at Dh1.62. Emaar Properties fell more than half a per cent at Dh7.58. Emaar Development closed 1.25 per cent lower at Dh5.55. Dubai Islamic Bank closed at Dh6.08, up 0.33 per cent. The Dubai Financial Market General index closed flat at 3,394.51.

“Most likely the weakness will continue in Dubai index and the next support will be around the 3,325,” Hisham Khairy, head of institutional trading at Menacorp said in a morning note. The Abu Dhabi Securities Exchange general index closed 1.11 per cent higher at 4,310.94. “The chart is pointing to further weakness and another leg to the downside, next support comes around the 4,220,” Khairy said.

Aldar Properties closed 0.63 per cent lower at Dh2.19.

First Abu Dhabi Bank closed 1.98 per cent higher at Dh10.30.

Elsewhere in the Gulf, Saudi’s Tadawul index closed at 7,026.06, down 0.58 per cent. The Qatar exchange index closed 1.45 per cent lower at 7,798.10. The Muscat MSM 30 index closed 0.37 per cent lower at 5,090.68.