Dubai Financial Market Dubai Financial Market

2,778.76 2.38 0.09 %

Emaar Properties give fillip to Dubai index

(11/1/2018 8:35:00 AM)

Emaar Properties witnessed aggressive buying on Wednesday, boosting Dubai index. Emaar Properties closed 4.08 per cent higher, to be at Dh5.10, and its traded value stood at Dh88 million, making it the top-most traded stock, contributing 30 per cent of the total traded value of Dh285 million. The Dubai Financial market General index closed 1.5 per cent higher at 2,784.60.

Salama Insurance closed at Dh 0.730, up 2.82 per cent. Fresh buying was also seen in Arabtec after the share price breached the technical resistance of Dh1.95. About 17.27 million shares changed hands — the level last seen in June.

“Arabtec is expected to extend gains towards the Dh2.06/2.20 resistance levels in the short term,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities, said.

In other stocks, DP World closed 1.91 per cent lower at $17.99, while Gulf Finance House closed 1.61 per cent higher at Dh1.26. The Abu Dhabi Securities Exchange general index closed 0.95 per cent higher at 4,901.87. Etisalat witnessed buying in auction trade. About one million shares changed hands, pushing prices higher.

Abu Dhabi Commercial Bank (ADCB), Union National Bank (UNB) rose after the banks announced better-than-expected results. ADCB closed 1.5 per cent higher at Dh8.09, while UNB closed 2.78 per cent higher at Dh4.8.

The Tadawul index in Saudi Arabia was 0.86 per cent higher at 7,900.18. Cement companies Saudi Cement, Yanbu Cement and Najran Cement rose and saw aggressive buying. Yanbu Cement rose 7.6 per cent, at 21.80 Saudi riyals, while Saudi Cement jumped 9.4 per cent 41.9 riyals.

“We see further price appreciation towards the long-term trendline resistance at 30 riyals in the short term,” Prakash said. Elsewhere in the region, the Muscat MSM 30 index was 0.05 per cent higher at 4,422.91. The Qatar exchange index closed 1.35 per cent higher at 10,300.92.

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