Friday, May 15, 2015

Dubai: The Dubai index is likely to witness further consolidation this week even as investors eye the movement in crude oil for direction.

On Thursday, the Dubai Financial Market General Index ended 0.13 per cent higher at 4,072.68, after trading in the range of 4,061.40-4,088.45.

“Dubai index has a positive outlook over the short to medium term and may consolidate further before hitting the level of 4,500,” said Osama Al Ashri, member of British organisation, Society of Technical Analysts.

Gulf Finance House, which was the most-active stock in trade, ended 2.27 per cent lower at Dh0.819. “Gulf Finance House may hit resistance level of Dh0.994 by the end of this month, but the risk will start if it breaches the support level of Dh0.976,” Al Ashri said.

Arabtec ended 1.22 per cent lower at Dh2.43 after recording a quarterly loss for three months to March, while Union Properties also ended 1.63 per cent lower at Dh1.21 after results fell short of street expectations.

“Many investors have been selling Arabtec and buying GFH shares. Arabtec may hit a support level to a record new low as there is no acceptable support on medium term chart before Dh2.07, and may stage a smart recovery from here. Union Properties may go up again to test resistance level of Dh1.33 by next week,” Al Ashri said.

Union Properties ended 1.63 per cent lower at Dh1.21.

The Abu Dhabi Securities Exchange General Index ended 0.34 per cent higher at 4,629.99.

Abu Dhabi index may hit resistance level of 4,779, Al Ashri said.

Aldar Properties may extend gains to hit a resistance level of Dh3.53, he added.

Aldar Properties ended 0.36 per cent higher at Dh2.80.

Abu Dhabi Commercial Bank ended 1.27 per cent higher at Dh7.96, a day after its weightage was increased on the MSCI index.

The Saudi benchmark index jumped more than a per cent led by banks and Saudi Basic Industries.

The Tadawul All Share index (Tasi) ended 0.62 per cent higher at 9,731.54.

Tasi still has positive outlook on medium term chart and still awaiting t hit resistance level above 10,000/10,256 later this month, said Al Ashri.

Saudi Basic Industries (Sabic), the world’s biggest petrochemical company, ended 2.24 per cent to 107.50 Saudi riyals. Alinma Bank ended at 24.15 riyals, up 0.54 per cent.

Sabic may hit resistance level around 120.25 Saudi riyals within few weeks, Al Ashri said, adding Saudi Telecom has a new target of 77.5 riyals within two months.

National Commercial Bank may hit resistance level 75.5 riyals before the end of the month, Al Ashri said.

By Siddesh Suresh ?Mayenkar Staff Reporter

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