Dubai: Dubai and Abu Dhabi indices consolidated further in a low volume trade on Thursday post the announcement by Amlak Finance relisting plans in which Emaar Properties owns a large stake. Saudi’s Tadawul also ended higher.
The Dubai Financial Market General Index ended 0.24 per cent higher at 4,118.60, after trading in the range of 4,106.88-4,134.67.
“Dubai and Abu Dhabi indices are both consolidating before the next up move,” said Osama Al Ashri, member of British organisation, Society of Technical Analysts.
Total traded volumes fell more than 60 per cent to be at Dh420 million.
Emaar Properties, which has the maximum weightage on the gauge, ended 0.99 per cent higher at Dh8.20 after Amlak Finance announced its relisting plan on June 2. Emaar has a 45 per cent stake in Amlak, according to Thomson Reuters data.
Dubai Parks and Resorts continued its gaining streak for another session to be 2.91 per cent higher at Dh1.06.
Dubai Islamic Bank ended 0.58 per cent higher at Dh6.99. Out of a total of 35 stocks traded on the exchange, shares of 13 companies rose, while shares of 19 companies fell.
Abu Dhabi Securities Exchange General Index ended 0.42 per cent higher at 4,650.66.
“Abu Dhabi witnessed very positive closing price on Thursday, and is very near to its resistance level of 4,769, which is an important barrier before the index goes to 5,000,” Al Ashri said.
First Gulf Bank ended almost steady at Dh15.15, while Dana Gas ended more than 2 per cent lower at Dh0.43. Out of a total of 33 companies traded on the exchange, shares of 11 companies rose, while shares of 15 companies fell.
New target
Saudi’s Tadawul ended 0.38 per cent higher at 9,768.09.
Tadawul index may hit a new target of 10,144 by next few weeks, Al Ashri said. Saudi Basic Industries ended 0.36 per cent higher at 105.25 Saudi Riyals.
SABIC may hit a resistance level of 115.25 Saudi Riyals by next week, Al Ashri said, adding Alinma Bank may consolidate further and may hit a new resistance level of 27.25 Saudi Riyals.
Alinma Bank ended 0.58 per cent higher at 24.25 Saudi Riyals.
Elsewhere in Gulf, Qatar Stock Exchange ended 0.63 per cent lower at 12,443.49, while Muscat Securities MSM 30 index ended 0.35 per cent lower at 6,383.35.
Kuwait Stock Exchange Index ended 0.73 per cent lower at 6,332.27. Bahrain Bourse All Share Index ended flat at 1,379.68.
In the wider Middle East region, Egyptian index continued its gaining streak after the government decided to hold on to the capital gains tax.
The Egyptian EGX 30 price index ended 1.83 per cent to be at 8,988.03.
