Sunday, Jul 09, 2017

Dubai

Arabtec jumped more than 7 per cent on Sunday even as the rest of the market moved sideways.

Arabtec shares rose as much as Dh3.48, before closing 7.43 per cent higher at Dh3.47.

Shares worth Dh141 million were traded in Arabtec, contributing to almost half of the total traded value on the bourse.

“The trend shall remain bullish towards the next barrier at Dh3.56 where it may attract profit taking, but a break over shall ignite aggressive buying until the previous highs of Dh4.00/4.20,” Shiv Prakash, senior analyst with National Bank of Abu Dhabi Securities, said in a note.

Some analysts were of the opinion that Arabtec shares will be prone to volatile swings over time due to lower floating stock. Arabtec has a free float of 92 per cent or 1.39 billion shares currently.

The broader market gauge remained almost flat in a listless session. The Dubai Financial Market General Index closed 0.04 per cent higher at 3,402.66.

“The DFM Index is neutral at the moment if it breaks the 3,370, we will have a reversal and another leg to the downside and if we break the 3,470 we will continue our uptrend,” Hisham Khairy, Head of Institutional Trading at Menacorp said.

In other stocks, Gulf Finance House fell 1.84 per cent to end at Dh2.13. Union Properties rose nearly 1 per cent to end at Dh0.924. Drake and Scull closed 2.92 per cent higher at Dh0.388.

“The long term picture in Drake and Scull remains in a strong downtrend with momentum prevailing and reaching right above the 0.290 all-time low,” Menacorp said in a note.

Al Madina closed 1.53 per cent higher at Dh0.732. “The lack of liquidity affecting our market, some stocks are clearly seeing buying activity like Al Madina around the Dh0.72 and Dana around the Dh0.69 and are expected to outperform,” Khairy said.

Dana Gas closed 1.45 per cent higher at Dh0.70. National Bank of Abu Dhabi closed 0.49 per cent higher at Dh10.25. The Abu Dhabi Securities Exchange General index closed 0.32 per cent higher at 4,410.50.

Overall the Abu Dhabi index is trading sideways to down. Currently the resistance levels are at 4,467 and 4,515, the 21 & 50 Day SMA levels respectively. If the support at 4,350 holds strong can expect recovery towards the 4,515 and that may form a Double Bottom (bullish pattern) on the chart,” Prakash said.

Eshraq Properties closed 1.06 per cent lower at Dh0.93. Agthia closed 1.27 per cent weaker at Dh5.43.

Taqa or Abu Dhabi National energy closed 4 per cent higher at Dh0.52.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.43 per cent lower at 7,172.87. The Qatar exchange index closed at 8,904.16, down 0.21 per cent.

The Muscat MSM 30 index closed 0.30 per cent higher at 5,134.880. Kuwait’s market price index closed 0.6 per cent higher at 6,723.57. The Bahrain all share index closed at 1,310.04, down 0.06 per cent.

In the wider Middle East, the Egyptian index closed 0.11 per cent lower at 13,355.15. The ASE index in Jordan closed at 2,183.49, up 0.34 per cent.

By Siddesh Suresh Mayenkar Senior Reporter

Gulf News 2017. All rights reserved.