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DUBAI - Gulf stock markets were narrowly mixed in early trade on Thursday although strength in the United Arab Emirates' biggest bank boosted Abu Dhabi's market.
The Abu Dhabi index gained 0.7 percent as First Abu Dhabi Bank
The stock rose on Wednesday above its 200-day average for the first time since September, triggering a minor double bottom formed by the lows since October. It faces initial technical resistance at the August peak of 11.00 dirhams.
Of 10 analysts polled by Thomson Reuters, one has a "strong buy" on the stock, five have a "buy" and four have a "hold", with a median target of 11.75 dirhams.
Dubai's index was flat after four days of gains but most real estate firms remained firm, with Emaar Properties up 0.5 percent. Qatar's index
.QSI
edged up 0.3 percent.
Saudi Arabia's index was almost flat after an hour of trade with Al Rajhi Bank climbing 0.7 percent after its 2.0 percent gain on Wednesday.
(Reporting by Andrew Torchia; Editing by Catherine Evans) ((andrew.torchia@thomsonreuters.com)(+9715 6681 7277)(Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))
The Abu Dhabi index gained 0.7 percent as First Abu Dhabi Bank
The stock rose on Wednesday above its 200-day average for the first time since September, triggering a minor double bottom formed by the lows since October. It faces initial technical resistance at the August peak of 11.00 dirhams.
Of 10 analysts polled by Thomson Reuters, one has a "strong buy" on the stock, five have a "buy" and four have a "hold", with a median target of 11.75 dirhams.
Dubai's index was flat after four days of gains but most real estate firms remained firm, with Emaar Properties up 0.5 percent. Qatar's index
Saudi Arabia's index was almost flat after an hour of trade with Al Rajhi Bank climbing 0.7 percent after its 2.0 percent gain on Wednesday.
(Reporting by Andrew Torchia; Editing by Catherine Evans) ((andrew.torchia@thomsonreuters.com)(+9715 6681 7277)(Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))
