By: Mahmoud Gamal
Dubai-Mubasher: The UAE markets closed at a rise on Sunday, in line with earlier expectations, after selective purchases were made by investors who wanted to improve their profiles by the end of the month, analysts told Mubasher.
Dubai Financial Market (DFM) rose 1.68% or 52.56 points to reach 3,176.63 points, the highest level in more than two months, backed by the day’s number one player Arabtec Holding.
Abu Dhabi Securities Exchange (ADX) gained 0.58% or 24.51 points to close at 4,275.69 points.
The UAE markets managed to hold firm on Sunday in the face of Friday’s oil decline, according to capital market analyst Doaa Magdy.
Magdy added that the small cap stocks began to see active trading, citing Drake and Scull International (DSI) that reached the important resistance level of AED 0.44 then rebounded by 6%. “In addition, Gulf General Investment Co. (GGICO) managed to stabilise above AED 0.57.”
Today's bullish trend was spurred by stronger stocks that lured more traders, said technical analyst Thabet Al-Harbi.
In Dubai’s market, Arabtec Holding increased 10.5%, followed by DSI, DFM Company and Amlak Finance which advanced 5.8%, 5.8% and 4.4%, respectively.
As for Abu Dhabi’s market, TAQA topped gainers with a 4.4% rise, followed by Etisalat and National Bank of Abu Dhabi (NBAD) at 2.4% and 0.7% in a row.
Al-Harbi went on to say that building new positions is continuing especially in the DFMGI which reached 3,224 points.
DFM saw turnover of AED 487.18 million ($132.6 million) on Sunday, compared to AED 384.15 million ($104.58 million) on Thursday. Trading volume reached 470.83 million shares, compared to 358 million shares.
Arabtec Holding was the most active stock with turnover of AED 179.04 million from trading 147.72 million shares through 1,697 transactions. The company’s stock went up 10.5%.
Magdy noted that Arabtec Holding led the market after breaking above the resistance level of AED 1.19 to reach AED 1.23.
ADX witnessed liquidity of AED 213.03 million ($57.9 million) on Sunday, compared to AED 276.58 million ($75.28 million) on Thursday.
Etisalat was the value leader with turnover of AED 73.84 million after trading 4.36 million shares through 329 transactions. The telecom operator’s stock recovered 2.4%.
Breaking important resistance level of 3,200 points, Dubai’s main gauge will move to 3,450 points if it stabilises at 3,077 points.
Al-Harbi expected the UAE markets to show an upward trend on Monday, unless the global and oil markets saw changes.
Translated by: Julian Nabil
