Dubai index resumes rally on property stocks

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DUBAI: The Dubai index picked up steam, resuming its gaining streak as Emaar Properties, the bellwether, rose. The Dubai Financial Market general index rose 1.21 per cent to end at 2,880.61. The index has gained more than 9 per cent after it breached the 50-day moving average, a key bullish indicator. Traders should look to add those stocks which didn’t gain in last week’s market recovery, and are still trading on lower levels. The index may target 3,200 levels in a few weeks. Traded value jumped to Dh296 million from a 30-day average of Dh119 million. Emaar Properties closed 3.88 per cent higher at Dh5.36.
Investors noticed that the stock has formed an Inverse Head and Shoulders bullish reversal pattern and may see levels of Dh5.51/6.00/6.55 in coming months, analyst said. Damac Properties closed more than 3 per cent higher at Dh1.030. Salama Insurance closed more than 1 per cent higher at Dh0.705. The Abu Dhabi Securities Exchange general index closed 0.27 per cent higher at 5,362.83. First Abu Dhabi Bank closed 0.50 per cent higher at Dh15.98.
Abu Dhabi Commercial Bank closed 1 per cent lower at Dh9.00 Emirates Telecom Group Company or etisalat ended 0.34 per cent higher at Dh17.76. Elsewhere in the Gulf, Saudi Tadawul index closed 1.47 per cent lower at 8,729.12. Al Rajhi Bank closed 3 per cent lower at 68 riyals. Alinma Bank closed 3.74 per cent lower at Dh4.74. The Muscat MSM 30 index closed 0.14 per cent lower at 3,751.01. The Kuwait all share index closed 0.31 per cent higher at 6,143.10. The Bahrain all share index closed flat at 1,527.68.

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