Gulf stocks narrowly mixed early on, First Abu Dhabi continues surging

Gulf stock markets were narrowly mixed during early trade on Thursday although strength in the United Arab Emirates’ biggest bank boosted Abu Dhabi’s bourse.

The Abu Dhabi index gained 0.7 percent as First Abu Dhabi Bank rose 1.4 percent to 10.80 dirhams, bringing its gains in the last three days to 5.4 percent.

The stock rose on Wednesday above its 200-day average for the first time since September, triggering a minor double bottom formed by the lows since October. It faces initial technical resistance at the August peak of 11.00 dirhams.

Of 10 analysts polled by Thomson Reuters, one has a “strong buy” on the stock, five have a “buy” and four have a “hold”, with a median target of 11.75 dirhams.

Dubai’s index was flat after four days of gains but most real estate firms remained firm, with Emaar Properties up 0.5 percent. Qatar’s index edged up 0.3 percent.

Saudi Arabia’s index was almost flat after an hour of trade with Al Rajhi Bank climbing 0.7 percent after its 2.0 percent gain on Wednesday.

Source: Reuters