Tuesday, Aug 11, 2015
Dubai:
UAE indices consolidated in recent ranges on Tuesday, with investors closely watching the movements in crude oil for further direction. Saudi’s Tadawul index ended lower.
The Dubai Financial Market General Index closed 0.11 per cent higher at 4,072.82, after trading in a tight range of 4,068.46-4,098.96.
“Market would consolidate further and may go up strongly if it doesn’t breach support level 3,980,” Osama Al Ashri, member of British organisation, Society of Technical Analysts.
Gulf Finance House closed 2.47 per cent higher at Dh0.748, and was the most-active stock in trade. Amlak Finance closed 0.44 per cent lower at Dh2.27.
“Gulf Finance House may hit a new high at Dh0.79 in short or medium term,” said Al Ashri, adding “If Amlak breaches the support level of Dh2.17, it may fall below Dh2 to test support level of Dh1.88.”
Damac Properties closed 1.11 per cent lower at Dh3.58, while Dubai Islamic Bank closed 1.07 per cent higher at Dh7.55.
Out of a total of 36 stocks traded on the exchange, shares of 15 firms rose, while shares of other 14 firms fell.
New high:
Abu Dhabi Securities Exchange General Index closed 0.15 per cent lower at 4,815.53.
“ADX index may hit a new high of resistance level 5,050,” said Al Ashri.
Abu Dhabi Commercial Bank may hit Dh10 later this month, Al Ashri said.“I advise to buy and hold Aldar Properties for a target of Dh3.5 by next few months.”
Abu Dhabi Commercial Bank closed almost steady at 8.76, while Aldar Properties also closed flat at Dh2.67.
Elsewhere, Saudi index reversed early gains to end lower amid losses in Saudi Basic Industries and Alinma.
Saudi’s Tadawul index closed 0.74 per cent lower at 91.50 Saudi Riyals, while Alinma ended 1.24 per cent lower at 21.45 Saudi Riyals (Dh21.01).
Oil prices eyed:
Investors would be closely watching the price movements in crude oil for further direction.
Oil prices fell after China devalued its currency in its latest effort to prop up economic growth, making dollar-priced commodities more expensive and weighing on the oil demand outlook for the world’s top energy consumer.
Front-month Brent futures were down $1.05 (Dh3.85) at $49.36 a barrel by 1325 GMT, erasing most of the gains made in oil’s biggest daily rally since late May the previous session. US crude fell $1.31 to $43.65 a barrel.
Elsewhere in the Gulf, Qatar Exchange Index closed 0.92 per cent higher at 11,787.71, while Muscat Securities MSM 30 index closed 0.29 per cent lower at 6,401.20.
Kuwait Stock Exchange index closed 0.07 per cent lower at 6,294.47.
By Siddesh Suresh ?Mayenkar Staff Reporter
Gulf News 2015. All rights reserved.
