DUBAI: The performance of other Gulf stock markets were mixed yesterday.
Dubai’s bourse gave back early-session gains and slipped from a 24-week high after hitting a technical resistance, while Abu Dhabi’s measure ended at its highest level in 14 months.
Dubai’s index ended 0.1 percent lower having climbed to an intra-day high of 1,656 points, near the resistance of 1,660 points.
Emaar Properties was the main drag, slipping 0.5 percent. Dubai Investments shed 1.2 percent and Emirates NBD slipped 0.3 percent.
“Currently the index is facing a resistance which, in my opinion, is not a major one, but it puts the market in pause. This could lead to a short-term correction within an uptrend move or we could witness a strong breakout — either way both are positive to me,” said Musa Haddad, head of MENA equity desk at National Bank of Abu Dhabi.
“The correction is a buying opportunity as the market is currently in a consolidation phase with 1650-1660 being a resistance.”
Abu Dhabi’s measure climbed 0.3 percent to its highest close since August 2011.
Banks were the main support with National Bank of Abu Dhabi up 1.1 percent and Abu Dhabi Commercial Bank climbing 1.2 percent.
Union National Bank added 1 percent. The lender posted a 7-percent rise in third-quarter net profit on Wednesday, beating analysts’ expectations.
In Kuwait, the benchmark slipped 0.2 percent, down for a second session since Monday’s rally where protesters called on the emir to set a date for upcoming parliamentary elections.
They also voiced concern that Kuwait may change its electoral law in a way that would favor pro-government candidates.
“The market is a bit shaken from the sell-off yesterday due to the protest,” said a Kuwait-based trader who asked not to be identified. “It is looking for a direction and a resolution to the political chaos.”
Elsewhere, Qatar’s benchmark shed 0.3 percent, down from Tuesday’s three-week high, as investors booked gains.
Losers outnumbered gainers nine to seven on the main index. Heavyweight Industries Qatar slipped 0.7 percent. It hit an 11-month high on Tuesday, driven by a sentiment boost after its quarterly earnings beat estimates.
Dubai bourse slips from 24-week high
