By: Mahmoud Gamal
Dubai – Mubasher: Analysts defined six factors that will direct the UAE bourses’ performance during November.
By the end of October, the UAE bourses saw a bullish wave as the Dubai Financial Market General Index (DFMGI) and the Abu Dhabi General Index (ADI) rose 2% and 1.9%, respectively on the back of blue chips.
Emaar and petroleum
The announcement of the major firm’s financial results, particularly Emaar Properties, is one of the main factors that define the UAE bourses’ performance in November, Fady Al-Ghattis, CEO of Minecraft Consulting, told Mubasher.
Al-Ghattis indicated that the financial results of Arabtec Holding and Drake & Scull International are also important.
The institutions are likely to maintain buying stocks in November, especially stocks with significant operating performance and lavish distributions, he highlighted.
Al-Ghattis forecasted the UAE markets to see a bullish wave as the petroleum sector sees higher levels and the indices may hit high records in November.
Rescheduling plans
The firms’ rescheduling plans, as well as the anticipated launch of Emaar Development, will attract liquidity and positive trading on stocks in general, said Tarek Kakish, head of asset management at MENA Corp.
The companies’ annual financial results is a paramount factor in directing the UAE markets, Kakish noted.
The institutional investment will keep rising on the back of operating stocks, along with the announcement of new projects, he expected.
Kakish stressed that the banks sector has witnessed a huge recovery in terms of liquidity and stocks’ performance in October.
Powerful factors
Eyad Al-Bareeqy, general manager at Al-Ansari Financial Services (AFS) said that the UAE bourses have the best factors in the region in terms of liquidity and financial results.
Al-Bareeqy anticipated the bourses to see a positive performance and some profit-takings during November
The markets may lure a huge liquidity by the end of November, in line with launching Emaar Development, which will revive the stocks, he noted.
Translated by: Mai Ezz EL-Din
