Traders resort to select bargain-buying on DFM
(5/15/2018 7:49:00 AM)
Traders resorted to select bargain-buying in Dubai stocks at key support zones, with the Dubai Financial Market (DFM) General index closing 0.45 per cent higher at 2,905.03.
Emaar Properties ended the session 1.21 per cent higher at Dh5.03. “The stock is still overall bearish, but seen struggling to hold over the long-term trendline and the 76.4 per cent Fibonacci retracement support level at Dh5.00,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities said in a note. “Only a drop under DhD4.90 will extend the bear trend to Dh4.80/4.45 levels.”
DFM shares rose 3.09 per cent higher to end at Dh1, while Emaar Development advanced 2.81 per cent to Dh5.48. Traded value weighed in at Dh247 million, lower than the Dh300 million seen in the past few sessions.
The Abu Dhabi Securities Exchange (ADX) General Index rose 0.49 per cent higher to end at 4,446.81. Etisalat closed 0.35 per cent higher at Dh16.35 but Dana Gas closed ended the day flat at Dh1.05.
Saudi Arabia’s Tadawul index was up 0.59 per cent to end at 8,070.69, after gaining more than 1 per cent. “Focus at the moment will remain on Tadawul and the MSCI vote. This is a crucial moment for the region as the largest Arab market could get a significant fund inflow,” Menacorp said in a note.
“Some companies are considering [a] dual listing [on the] Tadawul to potentially benefit from the rally, such as Eshraq Properties. [This] could help companies by providing market access and increasing trading volumes.”
Abu Dhabi-listed Eshraq Porperties went up 1.41 per cent to close at Dh0.72. Elsewehere in the Gulf region, Dar Alarkan Real Estate Development Co in Saudi Arabia closed 3.95 per cent higher to end at 12.36 Saudi riyals. Alinma Bank closed flat at 20.52 riyals.
The Qatar Exchange index rose 1.33 per cent to end at 8,934.39 while the Muscat MSM 30 index closed 0.07 per cent higher to end at 4,689.66.