Dubai Financial Market Index rose 0.15%, while Abu Dhabi Securities Market index rose 1.4% during the trading week, amid the buying trend by foreigners, while the transactions of individuals and institutions in both markets.
Analysts said that some of the leading stocks in the two markets witnessed a rise after almost three months of occasional movement, and real estate stocks boosted the performance of the market, after reports of higher sales in some real estate categories.
Dubai market
Dubai Financial Market Index rose 0.15% to close at 2784.11 points. The services and transport sectors witnessed an increase of 1.3% and 0.05% respectively, while the banking, consumer and luxury goods, investment and financial services indices declined by 2.41%, 3.18% and 1.25% respectively.
Abu Dhabi Market
The Abu Dhabi index also rose by 1.4% to close at 5163.09 points. The real estate sector index witnessed the biggest increase of 4.59%.
Rami Rashad, technical analysis director at Al Ramz Capital, said that the Dubai market index continued to move sideways below the important resistance level of 2,800 points, with volumes still limited.
He added that there are two specific levels that must be monitored closely, the first, in the case of the breach of the resistance level of 2840 points, which is a positive signal if the volume of healthy trading, and the second in the case of a breach of the support level of 2740 points, which is a negative reversal signal of the trend that started In August this year.
Leading stocks
Rashad explained that after nearly three months of occasional movement, First Abu Dhabi Bank rose, with healthy trading volumes, to breach the important resistance level of 15.3 dirhams, issuing a positive signal towards the upside trend, and «Emaar Properties» remains steady above the support level of 5.4 dirhams However, the positive technical reversal signal will appear after the confirmed breach of the resistance level at AED4.6 with healthy trading volumes.
He continued: «traders should monitor volumes closely, as we always look for a healthy rise in trading volumes to confirm any gains or breakthroughs», stressing that any decline in volumes or excessive increase in volumes, with any price rise, is A negative technical signal may be followed by a correction.
“Real estate stocks boosted the performance of the local markets during the week,” said Rami Elias, chief executive of Denovo Financial Advisors. The first nine months of this year, according to analyzes issued by the «Property Finder».