Dubai index ends flat, but more gains seen.
Dubai: Dubai index ended flat on Thursday as Emaar Properties weighed on sentiment, and Gulf Finance House continued to dominate trading even as analysts expect the index to extend gains in coming sessions.
The Dubai Financial Market General index ended 0.05 per cent lower at 4,201.20, after moving in the range of 4,172.37-4,214.99.
"Dubai index may hit a new high at 4,384 by next few weeks and I think the index would breach this resistance and hit a new target at 4,555 over the medium term," said Osama Al Ashri, member of British organisation, Society of Technical Analysts. Dubai index had struck a record 5,406 in June 2014.
Gulf Finance fell 2.19 per cent lower at Dh0.759, continuing to dominate trading with volumes over Dh45 million. Emaar Properties ended 0.50 per cent lower at Dh8.04.
"Emaar Properties may hit a new target of Dh8.89 by next month, and continue to rise after that," said Al Ashri. Gulf Finance House may recover and hit a new resistance level of Dh0.79 by next week.
Amlak Finance ended 1.19 per cent lower at Dh2.49.
"Amlak Finance may hit a new low of Dh2.20 in short term, so I recommend to book profits in the short term," Al Ashri added.
"Waha Capital may hit a new high by next week and hit a new resistance level of Dh2.67, said Al Ashri. adding ADCB may hit resistance level of Dh9.80 by next month.
Abu Dhabi Commercial Bank ended 0.36 per cent higher at Dh8.33, Union National Bank closed 0.14 per cent lower at Dh7.04.
In Saudi Arabia, the Tadawul All Share index (Tasi) was 9,360.77. down 0.22 per cent.
"Tasi index may hit a new high 9,549 by next month," said Al Ashri.
Saudi Basic Industries (SABIC) was 1.42 per cent lower at 98.50.
Sabic has strong support at 95.75 Saudi riyals, and may hit resistance level at 107.25 Saudi Riyals, said Al Ashri.
Qatar Exchange Index ended 0.28 per cent higher at 11,944.62, while Muscat Securities MSM 30 index ended 0.28 per cent higher at 6,590.86.
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