Underperforming Dubai index may play a catch-up:
The Dubai index has been trying to gain buying momentum and form a base to run higher towards 3,000 level, the highest level since May.
Activity has been picking up in shares like Arabtec, Damac, Emaar Properties, resulting in 4 per cent gains on the Dubai index, which has under-performed other regional indices. The Dubai index has shed 16 per cent so far in the year.
“A close over 2,850 shall attract fresh inflow and the index may extend gains towards the higher resistance at 3,000,” Shiv Prakash, senior analyst with First Abu Dhabi Bank (FAB) Securities said in a note. On Thursday, the Dubai index closed 0.12 per cent lower at 2,825.86. Arabtec shares rose, extending gains for another session, Arabtec closed 2.63 per cent higher at Dh2.34.
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