Dubai bourse snaps two-day losing streak

Dubai Financial Market (DFM) snapped its two-day losing streak on Wednesday and regained some of the lost ground, with all sectors, especially transportation, telecom and utilities, pushing the market up.

The index closed at 1,702.43, up 12.24 points or 0.72 per cent.

“DFMGI took supports near 1680 and witnessed a rally until the intraday highs of 1716 later gave a close at 1702.43 up by 0.72 percent. For markets to continue higher the support levels of 1680 should remain intact,” Shiv Prakash, Head Technical Analyst, CapitalTA, a trading advisory firm on Indian, UAE, Forex, and commodity markets said.

Stockss which gained further momentum were Aramex, du, Arabtec, and DFM, he said.

Aramex’s stocks surged past their 52-week high. Emaar rose marginally by 0.80 per cent to Dh3.80

Aramex, on the weekly chart after giving a bullish breakout at Dh1.75, continued higher and is nearing the resistance levels of Dh2.70 in the near term. There we may see some profit taking and a break above Dh2.70 can lead it higher until Dh3.50 in the medium to long run. The lower supports are at Dh2.00/1.80, Prakash said.

Stock trades well above the 200-day moving average with Stochastic turning positive indicate further bullishness, he added.

Abu Dhabi Securities Exchange (ADX) also closed up 16.33 points at 2,677.31, with all sectors except industrial ending in the green.

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