Rebound saves Dubai market from dropping below key support level
The Dubai stock market DFM opened lower on Monday, July 21, but shortly after performed a spectacular intraday rebound and closed 2.50 per cent higher at 4,724.95 points. The rebound kept the gauge away from the 4,500 level, a key support, and also prevented the index from falling below the middle Bollinger bank which would have been a bearish signal.
Mashreqbank, the only UAE lender which is owned 100 per cent by private shareholders, gained the most, edging up 15 per cent to reach AED132.65. Arabtec Holding was the most liquid share, but the UAE’s first construction company failed to join the rebound, ending 1.80 per cent lower at AED4.38.
Twenty-six shares advanced, while four declined. Approximately 1.2 billion shares were traded, valued at AED2.8 billion.