Dubai index starts new month on positive note

DIB, EMAAR PROPERTIES THE TOP TWO TRADED STOCKS ON THE BOURSE

Buying in Emaar Properties and Dubai Islamic Bank buoyed the Dubai Financial Market (DFM) yesterday, with the general index displaying strength on August’s first day of trading to close 0.76 per cent higher at 2,978.54.

Dubai Islamic Bank (DIB) ended the day 1.19 per cent higher at Dh5.09 while Emaar Properties edged up 1.7 per cent to close at Dh5.37. Emaar Development gained 0.98 per cent to end at Dh5.15.

“Despite not seeing any net increase in price, Emaar was still the main value driver and will most likely appreciate leading up to the release of its financials, with a strong performance from its subsidiary Emaar Malls and a solid pipeline of projects [seen],” Issam Kassabieh, senior analyst with Menacorp, said.

“However, investors are advised to be wary of the sector as concerns about declining sales and income from continuing operations continue to circulate.”

Shiv Prakash, a senior analyst with First Abu Dhabi Bank Securities (FABS), said DIB could extend its gains to Dh5.26 while Emaar Properties is expected to target Dh5.55 in the near term.

DIB and Emaar Properties were the top two traded stocks

ICE WTI Crude –2.41% 2,980 2,970 2,960 2,950 2,940 2,930

2,920 25Jul on the bourse, accounting for more than 35 per cent of total traded value.

In other stocks, Gulf Finance House (GFH) closed more than 2 per cent higher at Dh1.42 while Emirates NBD was up 0.47 per cent to close at Dh10.60.

ADX slips

In the UAE capital, the Abu Dhabi Securities Exchange (ADX) general index slipped 0.29 per cent to close at 4,845.35. RAKBank ended the day 4.33 per cent lower at Dh4.20.

Dana Gas, however, bucked the bourse trend to close 1.83 per cent higher at Dh1.11, while Abu Dhabi Commercial Bank was up 1.27 per cent to close at Dh7.17.

Elsewhere in the region, Saudi Arabia’s Tadawul All Share Index (Tasi) shed 0.07 per cent to end the day at 8,288.98. Alinma Bank signed off 0.87 per

DME Oman Crude –0.12%

Spot Gold cent higher at 23.24 Saudi riyals (Dh22.74) while Dar Alarkan Real Estate Development Co gained 0.2 per cent to end at 10.08 riyals.

The Qatar Exchange index closed 1.54 per cent higher at 9,976.51, while the Muscat MSM 30 index gained 0.09 per cent to end at 4,340.57.

The Kuwait index fell 0.23 per cent to end the session at 5,179.67.

In Egypt, the EGX 30 index advanced 0.58 per cent to close at 15,670.97. The index has gained nearly a fifth in the past one year.

“If the support level of 15,300 holds strong, we should see fresh buying and that may lift the index higher towards the immediate resistance at 15,780/16,570,” Prakash said.

“Our advice is to load select outperforming stocks which are poised to bounce from current levels,” he said. +0.42%

UAE 24 ct Gold/10g —