UAE stocks end low-volume trade steady

Thursday, Jul 30, 2015

Dubai:

UAE indices closed the low-volume trade almost flat on Thursday even as investors awaited results from listed firms next week.

The Dubai Financial Market General Index closed 0.28 per cent higher at 4,143.21, after trading in a tight range of 4,114.06-4,145.95.

“I still have a positive outlook on Dubai index and it may hit a new yearly high,” Osama Al Ashri, member of British organisation, Society of Technical Analysts.

Dubai Islamic Bank ended 2.74 per cent higher at Dh7.50, while Emaar Properties closed 0.13 per cent higher at Dh7.90.

Dubai Islamic Bank (DIB) may hit a new high of Dh7.8 as expected before, and may breach resistance level of Dh8.17 later, said Al Ashri.

After posting a more than 30 per cent fall in net profit, Dubai Investments fell 2.68 per cent lower at Dh2.91.

Dubai Investments may recover and hit a new high to be at resistance Dh3.39 the next few months, said Al Ashri. Amlak may fall further and hit a new low of Dh2.20/1.88 by next week as it is in overbought area, said Al Ashri. Amlak Finance closed 1.26 per cent lower at Dh2.35.

Abu Dhabi index:

Abu Dhabi index may extend gains and hit a new high of 5,050 in the next few weeks, said Al Ashri.

On Thursday, the Abu Dhabi index closed 0.12 per cent higher at 4,827.98.

Abu Dhabi Commercial Bank closed steady at Dh8.28. Abu Dhabi Commercial Bank is waiting for new target of Dh10, said Al Ashri, adding First Gulf Bank may consolidate further in the range of Dh15-15.80.

First Gulf Bank ended 0.05 per cent higher at Dh15.50.

Meanwhile, Saudi’s Tadawul index was 0.09 per cent lower at 9,099.18.

Tadawul index may touch support level of 8,778, and may recover later to 9,500 in the medium term, Al Ashri said.

Saudi Basic Industries (SABIC) is a good buy at current levels, and it nay hit resistance level of 102.75 Saudi Riyals by next month, said Al Ashri.

Elsewhere in the Gulf, Qatar Exchange Index ended 0.31 per cent lower at 11,785.22, while Muscat Securities MSM 30 index ended 0.04 per cent higher at 6,558.18.

Kuwait Stock Exchange Index closed 0.14 per cent higher at 6,253.71.

Bahrain Bourse All Share index closed 0.05 per cent lower at 1,331.66.

In the wider Middle East, Egypt’s stock index rose after the country finished its new Suez Canal, which is expected to stimulate the economy.

Egyptian EGX 30 price index closed 0.97 per cent higher at 8,184.43.

By Siddesh Suresh ?Mayenkar Staff Reporter