By: Mahmoud Gamal
Dubai-Mubasher: Abu Dhabi Securities Exchange (ADX) is expected to continue the profit taking trend in Thursday’s session, while Dubai Financial Market (DFM) is projected to fall, analysts told Mubasher.
Further volatility is expected today, in line with the anticipation in global and regional markets due to the final results of Brexit vote which will be announced on Friday, said capital market analyst Bassel Abo Teima.
Liquidity have not reached AED 500 million, reflecting the lack of confidence in local shares, the analyst added.
The continuous rises seen in DFM’s performance were backed by the real estate sector which was positively affected by the mortgage value of transactions executed in Dubai on a daily basis, he noted.
The benchmark index of DFM may fall to 3,300 and 3,280 points during the current profit taking trend, leading to a target of 3,200 points, said technical analyst Abdullah Al-Alie.
Meanwhile, ADX is currently targeting 4,485 and 4,470 points; the market will remain in the correction phase as long as its level is above 4,416 points which can lead to strong volatility once broken, Al-Alie added.
Translated by: Ingy ElSafy
