The stock had already risen more than seven per cent since the start of the year, which has been taken as a bullish indicator
for the entire net sector.
Dubai index reclaimed the keenly watched 3,000 mark on Monday, breaching a technical bullish indicator
also known as the 50-day moving average as traders resorted to aggressive buying in property stocks.
Other bullish indicators
include some improvements in the quarterly average of the purchasing manager index, a gauge of the health of the private sector in both Saudi Arabia and the UAE, the two largest economies in the GCC, in first quarter compared to last quarter 2018, the report said.
Technical indicators scored six out of a total possible score of 15 bullish indicators
, versus eight in the prior week, enough for the total category to turn bearish.
However, these bullish indicators
contrasted with a disappointing nonfarm payroll figure of 162,000 (vs expectations of 185,000) on Friday.