DUBAI: The Dubai Financial Market General Index ended 1.24 per cent higher at 3,990.46, still trading below the keenly-watched 4,000 level.
“I would be concerned until the index trades below the 4,000 mark. There would be more pressure for it go down than up,” said Sanyalaksna Manibhandu, Manager of Research, National Bank of Abu Dhabi Securities, adding “This would be concern to short-term traders who use technical trading more than fundamentals.”
Emaar Properties ended 1.80 per cent higher at Dh7.90, while Gulf Finance House ended 1.24 per cent higher at Dh0.737. Damac Properties ended 3.42 per cent higher at Dh3.02.
Out of a total of 34 stocks traded on the exchange, shares of 28 companies rose, while shares of 8 companies fell.
The Abu Dhabi Securities Exchange General Index ended 0.62 per cent higher at 4,589.78. Eshraq Properties ended 4.05 per cent higher at Dh0.77, while Methaq Takaful ended 2.99 per cent higher at Dh0.69.
Out of a total of 30 stocks traded on the exchange, shares of 13 companies rose, while shares of 11 companies fell.
Saudi’s Tadawul All Share TASI index ended 0.24 per cent higher at 9,716.71.
“I think the Tadawul index would move about in the range. What would be the key factor would be what happens at Opec (Organization of the Petroleum Exporting Countries) meeting on June 5,” Manibhandu said.
Ministers from the Opec, responsible for more than a third of the world’s oil output, meet in Vienna on Friday to decide on production policy for the next six months.
The group has been producing up to 2 million barrels per day (bpd) more than needed this year, but analysts expect demand to pick up, helping to drain stocks and balance the market.
In stock specific movements, Saudi Basic Industries ended 0.51 per cent higher at 104 Saudi Riyals, while Alinma Bank ended 0.17 per cent higher at 24.10 Saudi Riyals.
Property developer Emaar Economic City rose 0.8 per cent after announcing that one of its subsidiaries had secured a 1.0 billion Saudi riyal ($267 million) murabaha financing facility.
Elsewhere in the region, Qatar Exchange index ended 0.07 per cent higher at 12,184.80, while Muscat Securities ended 0.72 per cent higher at 6,457.53.
Kuwait Stock Exchange Index ended 0.21 per cent higher at 6,298.29.
Bahrain Bourse All Share Index ended 0.16 per cent higher at 1,362.53.
