Large-caps lift Abu Dhabi; trading thin

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Shares in Abu Dhabi National Energy (TAQA) jump 5.1 percent as small trading volumes exaggerate share price moves.

Shares in Abu Dhabi National Energy (TAQA) jump 5.1 percent as small trading volumes exaggerate share price moves.

Large-caps help lift Abu Dhabi's bourse to near a two-week high as most Gulf markets edge higher in thin trading, with many market participants off for year-end holidays.

Shares in Abu Dhabi National Energy (TAQA) jump 5.1 percent as small trading volumes exaggerate share price moves. Heavyweight lender First Gulf Bank rises 0.9 percent.

Abu Dhabi's main index gains 0.3 percent to 2,627 points, its highest intra-day level since December 11.

"The completion of trend reversal formations at 2,615 points has forced us to close our (short) position earlier than we had planned. Now we are looking for the next opportunity to enter the market," MENA Corp says in a research note.

Technical analysis suggests the index has found support over the past week around the 100-day average, now at 2,614 points. Today's rise triggers a minor bullish right triangle with its top at 2,620 points; this points the index up in coming days to at least test resistance around 2,640 points, where the market bottomed in mid-October and late November.

Dubai's index advances 0.2 percent to 1,604 points, trading in a tight range. Blue chips Emaar Properties and carrier Air Arabia rise 0.3 and 0.8 percent respectively.

In Oman, the benchmark gains 0.2 percent to 5,694, with volumes focused in financial stocks. Oman Investment and Finance Co adds 0.5 percent, accounting for two-thirds of the shares traded.

Elsewhere, Kuwait's measure rises 0.2 percent to 5,996 points, though Qatar's bourse opens 0.06 percent lower at 8,437 points.

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