Dubai Parks hits record high as index up 1%

Dubai Parks outperformed the benchmark Dubai index yet again on Thursday, while other stocks like Arabtec raced ahead, and witnessed some late buying.

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Dubai: Dubai Parks outperformed the benchmark Dubai index yet again on Thursday, while other stocks like Arabtec raced ahead, and witnessed some late buying.

The Dubai Financial Market General Index closed 1.18 per cent higher at 3,472.38, after losing 2.5 per cent in the past two sessions. Dubai Parks and Resorts, which has 1.5 per cent weightage on the index, hit a record of Dh1.74, before ending 4.22 per cent higher at Dh1.73. The stock has gained more than 60 per cent since the start of the year, compared to more than 10 per cent gains in the Dubai index.

Dubai Parks was the most active stock in trade, followed by Arabtec. Arabtec raced ahead in late hours of trade, ending 3.4 per cent higher at Dh1.49. Traded volumes of Dubai Parks and Arabtec contributed to 50 per cent of volumes.

“Dubai Parks may hit new highs to reach a resistance level of Dh1.79 by next week,” Osama Al Ashri, member of British organisation, Society of Technical Analysts, said, adding Arabtec may hit a resistance level of Dh1.57/1.69 later in the month. More info

By Siddesh Suresh Mayenkar, Senior Reporter  www.gulfnews.com

 

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