Thursday, Jun 25, 2015
Dubai: The Abu Dhabi index snapped a four-day gaining streak, partly led by etisalat’s move to remove the ban on foreign holdings as investors booked profits after the index and the stock rose swiftly.
The Abu Dhabi Securities Exchange General Index ended 1.26 per cent lower at 4,760.76, after gaining nearly 5 per cent in the previous four sessions.
Etisalat shares also dived with the index after gaining 20 per cent in earlier in the week. On Thursday, the telecom operator’s shares ended 3.45 per cent lower at Dh14.
However, analysts said the Abu Dhabi index and etisalat shares may recover again next week, and may witness a high of 5,000 level.
“We were expecting the Abu Dhabi index to gain and after Thursday’s fall, it may recover and hit a resistance level of above 5,000 in the next few weeks,” Osama Al Ashri, member of British organisation, Society of Technical Analysts said.
Etisalat may witness its next resistance at Dh15.55 in the next few weeks, Al Ashri said, adding Aldar Properties may hit fresh resistance at Dh3.17.
Abu Dhabi Commercial Bank ended 2.38 per cent lower at Dh7.8, while Aldar Properties ended 0.71 per cent lower at Dh2.78.
Dubai index also ended 0.40 per cent lower at 4,146.73 even as Amlak and Gulf Finance House dominated trading.
“Dubai index is preparing to hit resistance level above 4,500 in the next few weeks,” Al Ashri said.
Amlak shares ended 1.52 per cent lower at Dh2.60, while Gulf Finance House ended 4.42 per cent higher at Dh0.733.
“GFH is waiting to touch resistance level of Dh0.80 by next weeks,” said Al Ashri said, adding “I expect traders to shift from Amlak to GFH. Amlak may correct to Dh2.29.”
Amanat may witness consolidation and may hit resistance level of Dh1.07, he added.
Out of a total of 34 stocks traded on the exchange, shares of 15 companies rose, while 13 firms fell.
Bullish on Tadawul
Tadawul index may hit resistance level of 9,721 in the next few weeks.
The next target is 10,000, Al Ashri said.
Saudi’s Tadawul All Share index was 0.22 per cent higher at 9,333.62.
Saudi Basic Industries was 0.33 per cent lower at 102 Saudi riyals. It may recover and hit resistance level of 112.75, Al Ashri added.
Elsewhere in the Gulf, Qatar Exchange Index ended 0.24 per cent lower at 12,133.23, while Kuwait Stock Exchange ended 0.31 per cent lower at 6,211.73.
Bahrain Bourse All Share index ended 0.30 per cent higher at 1,368.43.
In the Middle East, Egyptian stocks was sharply lower. The Egyptian EGX 30 price return index was 0.89 per cent lower at 8,381.28.
By Siddesh Suresh ?Mayenkar Staff Reporter
Gulf News 2015. All rights reserved.
