Abu Dhabi index edges closer to 5,000 mark

Benchmark index increases 589.44 points to settle at 34,896.55

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DUBAI
Dubai’s main equity index slid 0.48 per cent on Wednesday as it continued to flirt with its nearest resistance level, still failing to cross past it. The Dubai Financial Market (DFM) index closed at 2,666.04, with most stocks ending in the red. This was after it touched on Monday its 50-day moving average, which tends to signal a change to the upside. Emaar continued to account for most of the trade activity on the bourse, topping the list of most active stocks by value. Its share prices fell 1.33 per cent to Dh4.45, as Dubai Islamic Bank also inched 0.39 per cent lower. Share prices of Salama, meanwhile, jumped 4.18 per cent.
Trade values on the DFM remained relatively low, at Dh176.9 million, amid a slowdown of activity in the summer season. An analyst note from First Abu Dhabi Bank (FAB) said that a break by the index at 2,700 would be considered bullish and may extend gains to 2,850 in the coming weeks.
In the UAE capital, Abu Dhabi’s main index closed 0.21 per cent higher, at 4,989.38 as it also flirted with its psychological barrier of 5,000. The index is now less than two points away from its nearest resistance level of 4,991, as per technical analysts at FAB. Analysts also said that further upside for the Abu Dhabi index can only be seen on a bullish break over 5,050. Trade values in the capital were higher compared to Tuesday, jumping to Dh177.5 million compared to less than Dh100 million a day earlier.

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