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Gulf Finance House dominates trading on DFM.

Dubai: Gulf Finance House dominated trade on the Dubai Financial Market even as traders awaited for results from other banks and construction firms. The Abu Dhabi index closed more than 1 per cent higher.

The Dubai Financial Market General Index ended 0.50 per cent higher at 4,203.09.

"Dubai index has successfully breached the resistance level of 4,179, and now the next target would be 4,257/4,384," said Osama Al Ashri, member of British organisation, Society of Technical Analysts.

GFH ended 5.15 per cent higher at Dh0.776, while Amlak Finance closed 1.2 per cent lower at Dh2.52.

"GFH will face some resistance at Dh0.83, and if it breaches this resistance level, the stock may go up still further," Al Ashri said, who expects GFH to bounce near Dh0.93 by next few weeks.

"Amlak Finance could turn as it is overbought on the chart, and may hit a new support level of Dh2.39 by next few days," Al Ashri added.

Dubai Islamic Bank ended 1.96 per cent higher at Dh7.29.

"I have positive outlook for Dubai Islamic Bank and may hit a new resistance at Dh7.79 within few weeks, and I recommend increase exposure on the stock," Al Ashri said.

Emaar Properties ended 0.25 per cent lower at Dh8.08. Gulf Navigation closed 0.440 per cent higher at Dh0.23. Out of a total 35 stocks traded on the exchange, 21 stocks rose, while 10 others fell.

New highs eyed

Abu Dhabi Securities Exchange General Index was supported due to buying in Abu Dhabi Commercial Bank (ADCB) post its results.

Abu Dhabi index ended 1.02 per cent higher at 4,902.09.

Abu Dhabi index may hit a new resistance level of 5,034 by next week, Al Ashri said.

ADCB may hit a new target of Dh9.78 during this quarter, Al Ashri said. Aldar Properties ended 0.36 per cent higher at Dh2.77.

Aldar Properties may hit a new target of Dh2.97 by next few days, said Al Ashri said.

In Saudi Arabia, the Tadawul index was 0.44 per cent higher at 9,379.05.

Saudi Industrial Investment Group shares rose more than 6 per cent after posting robust quarterly profit.

Qatar Exchange Index ended 0.82 per cent higher at 11,911.31.

Muscat Securities MSM 30 index closed 0.28 per cent higher at 6,590.86.

Kuwait Stock Exchange index closed 0.12 per cent lower at 6,296.73.

Bahrain Bourse All Share index ended 0.22 per cent lower at 1,332.10.

Egypt's index recovered from its early low. The index ended 0.43 per cent higher at 8,084.38.

South Valley Cement fell 1.3 per cent after another company in the sector, Suez Cement, posted a 57 per cent decline in quarterly profit.

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Publication:Gulf News (United Arab Emirates)
Date:Jul 23, 2015
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