Strong global leads fan risk appetite in small UAE stocks

DUBAI, Jan 6 (Gulf News): The Dubai index staged continued recovery as strong US markets fanned risk appetite in small stocks like Gulf Finance House and Salama Insurance.
The Dubai Financial Market general index closed 0.21 per cent higher at 2,531.35. "The Dubai index may target the immediate resistance at 2,600 in the near term. However traders, who bought in the recent move, may look to sell on the rally," Shiv Prakash, senior analyst with First Abu Dhabi Securities said in a note.
Gulf Finance House closed 7.28 per cent higher at Dh0.958, and was the most active stock in trade contributing a fifth of the total traded value. Salama Bank closed 4.93 per cent higher at Dh0.511. "Volumes are seen increasing in Salama Insurance hinting accumulation. The stock may gain further momentum," Prakash said. Dubai Entertainments closed more than 6 per cent higher at Dh0.260.