Sunday, Oct 11, 2015

Dubai: Abu Dhabi stocks edged higher on Sunday following positive leads from global markets along with firm crude. The Dubai index closed steady.

The Abu Dhabi Securities Exchange General Index closed 0.42 per cent higher at 4,565.49.

“[There is] the positive movement in global markets along with stability in crude oil prices. The results also have been positive, even though factors have not changed much,” said Mohammad Shabbir, head of equity funds & portfolios at Rasmala Investment Bank.

On Friday, stocks on major world markets posted their biggest weekly advance since 2011, as greater investor appetite for riskier assets propelled gains in equities and a surge in commodities and crude oil prices.

Etisalat shares closed 0.68 per cent higher at Dh14.85, while Aldar Properties closed 0.40 per cent higher at Dh2.51. First Gulf Bank ended 0.72 per cent higher at Dh14.05. Union National Bank closed 1.16 per cent lower at Dh5.95. Out of a total of 29 stocks traded on the exchange, shares of 14 firms rose, while shares of 9 other firms fell.

Cautiously hopeful

“Traders remain cautiously hopeful in picking their stocks, sticking to relatively short time horizons,” Talal Touqan, said the head of research and advisory at Al Ramz Capital.

The markets saw some corrective pressures by the end of the week after decent gains recorded since the beginning of October, especially among property and banking heavyweights.

“The DFM General Index confronted strong resistance between 3,700 and 3,750, with eyes on possible breakouts to fire off tactical trades. We believe that low activity will persist through the coming week due to some political concerns while preparing for third quarter results,” Touqan added.

On Sunday, the Dubai Financial Market General Index closed 0.19 per cent higher at 3,713.42.

Gulf Finance House closed 2.76 per cent higher at Dh0.558, while Emaar Properties closed 0.43 per cent lower at Dh6.9. Damac Properties closed 0.32 per cent higher at Dh3.15.

Dubai Parks and Resorts ended 0.79 per cent higher at Dh1.28. Out of atotal of 34 stocks, shares of 21 firms rose, while the other 8 fell.

Saudi rebounds

Saudi Arabia’s Tadawul index closed 1.85 per cent higher at 7,827.08, outperforming the regional peers. The rally was led by petrochemical firms.

Saudi Basic Industries closed 3.83 per cent higher at Dh89.25. Two other petchems were among the 10 most traded stocks.

Elsewhere in the Gulf, Qatar Exchange index closed 0.86 per cent higher at 11,855.87, while Muscat Securities MSM index closed 1.1 per cent higher at 5,932.20.

Kuwait Stock Exchange index closed 0.34 per cent higher at 5,728.38.

By Siddesh Suresh ?Mayenkar Staff Reporter

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