DFM claws back above 5,000: Shares to look out for today

The Dubai Financial Market general index was up 20 points on opening on Monday, and above the psychological 5,000-mark after remaining under it for a few days.

Dubai’s stock market looks likely to continue recovering on Monday from last week's slide as retail investors are back in the market, while Saudi Arabia's bourse may test chart support after a few days of profit-taking.

The Dubai index added 0.6 per cent on Sunday and local retail investors were the main buyers, according to bourse data. The benchmark fell 3.1 per cent last week as the same category of investors cashed out to prepare for the initial public offer of Emaar Malls Group (EMG).

Subscriptions for shares in EMG, a subsidiary of Dubai's largest listed developer Emaar Properties, opened on Sunday and the sale could raise up to $1.58 billion.

Meanwhile, shares in Dubai-listed National Central Cooling Company (Tabreed) may rise after the company said on Sunday it had secured a contract to provide cooling infrastructure for the new Dubai Parks and Resorts development.

Elsewhere in the UYAE, Abu Dhabi's Waha Capital may gain after announcing that its board will discuss a share buyback programme on Sept. 17. The company provided no details of the programme.

Saudi Arabia's main index has declined for three sessions in a row and closed at 11,027 points on Sunday, a three-week low.

It has minor chart support at the early September low of 11,010 points, which roughly coincides with the psychologically important level of 11,000 points; any fall below it could spark further profit-taking.

The global backdrop is negative as Asian stocks fell to their lowest in five weeks on Monday after weak data from China raised prompted concerns about a sharp slowdown in the world's second-biggest economy.

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