Dubai: The Dubai index closed higher on Monday due to buying in Emaar Malls and Dubai Islamic Bank (DIB), even as traders eye the key resistance level of 3,420.
The Dubai Financial Market General Index closed 0.11 per cent higher at 3,390.04.
“The market is still facing pressure in terms of volatility due to construction sector. The volatility is impacting sentiment across the board. We see weakness with resistance at 3,420,” said Marwan Shurrab, head of high net worth and retail equity brokerage, Al Ramz.
Arabtec shares failed to see a sustained buying activity after gaining more than 10 per cent on Sunday.
Arabtec closed more than 5 per cent lower at Dh0.751.
The stock contributed to 15 per cent of the total traded value.
“The stock may witness recovery only if the Dh0.815 level is breached,” Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities, said in a note.
Buying also re-emerged in Gulf Navigation, which closed at Dh1.52, up 5 per cent.
Emaar Malls closed 1.56 per cent higher at Dh2.6. DIB closed 0.5 per cent higher at Dh5.86. DIB’s break over the resistance of Dh5.80 is hinting recovery towards Dh6.00/6.15 in the near term. ►
Traders may look to buy using Dh5.72 as the stop,” Prakash said.
The Abu Dhabi Securities General Index closed down 0.41 per cent at 4,551.79. National Bank of Abu Dhabi closed 0.45 per cent lower at Dh11.15. National Bank of Ras Al Khaimah closed 1.14 per cent lower at Dh4.35. Etisalat closed 0.57 per cent lower at Dh17.40.
Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed at 6,987.65, down 0.02 per cent. The Qatar exchange index closed steady at 10,050.70.
The Muscat MSM 30 index closed 0.11 per cent higher at 5,413.43.
