By: Mahmoud Gamal
Dubai – Mubasher: Analysts expressed different opinions on the UAE bourses’ performance on Thursday.
The Dubai Financial Market General Index (DFMGI) is currently moving horizontally between the levels of 3,550 and 3,680 points, market analyst Mohand Oraykat told Mubasher.
The DFMGI may see an upward trend again if it settled above 3,620 points, Oraykat added.
The index may face more pressures in case it fell below 3,550 points again, the analyst indicated.
Meanwhile, market analyst Gamal Abdel Hamed said that the Dubai Financial Market (DFM) has seen selling pressures on Wednesday as both stocks of Emaar Properties and Dubai Investments dropped.
The DFM closed Wednesday’s session lacking liquidity and the DFMGI fell to 3,624 points and closed at 3,634 points, Abdel Hamed added.
He stressed that lack of liquidity prevent stocks from rising, noting that investors are anticipating Emaar’s financial results.
Launching Emaar Development will lure new liquidity to the market, he forecasted.
He pointed out that market investors will be positively affected if the petroleum sector levelled up to new levels.
The analyst noted that it is a good technical sign if the DFMGI settled at 3,616 points.
Abdel Hamed expected the index to resume seeing the levels of 3,637 and 3,650 points to carry on rising to 3,681 points.
Translated by: Mai Ezz El-Din
