Dubai: Dubai index, which gained more than 10 per cent since the start of the year, may extend gains to hit 4,500 levels in the next few weeks even as market participants brace for relisting of Amlak Finance in early June, analysts said.

On Thursday, 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.

“I still have positive outlook for Dubai index, and I’m waiting for new up target and the index may hit the resistance level at around 4,500 within few weeks. I expect a positive closing price for this month,” Osama Al Ashri, member of British organisation, Society of Technical Analysts.

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 Islamic Bank ended 0.58 per cent higher at Dh6.99.

Gulf Finance House may correct a bit before to be at Dh0.67, before hitting resistance level of Dh0.94 by next few weeks, Al Ashri said.

Emaar Properties may hit a new target of Dh8.79 within few weeks, he added.

Union Properties may hit a new target of Dh1.33 by next month, Al Ashri said.

Risky:

“Dubai Parks and Resorts may hit a new target of Dh1.15 by next week, but it is a risky stock to get in,” Al Ashri said. Dubai Parks and Resorts continued its gaining streak for another session to be 2.91 per cent higher at Dh1.06. Deyaar Properties may hit a new resistance of Dh0.97

Aldar Properties would act as a good support to ADX index to go higher. Aldar Properties may hit a resistance level of Dh3.17/3.44 within few weeks, Al Ashri said.

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.

The National Shipping Co. of Saudi Arabia shares may test new resistance level next week to be at 67.25 Saudi Riyals and investors may use the resistance level to book profits as the stock is entering the overbought zone, Al Ashri said.

Elsewhere in Gulf on Thursday, 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 index ended 1.83 per cent to be at 8,988.03.