By: Mahmoud Gamal
Dubai - Mubasher: Stock prices in the UAE's twin markets have reached attractive buying levels, said market analyst Bassel Abou Toeima.
Investment portfolios have noticeably begun entering the markets on specific stocks, on news that an oil production freeze was likely to come later this month, he told Mubasher.
"Should the Organisation of Petroleum Exporting Countries (OPEC) reach an agreement next week, oil prices are likely to surpass $50 per barrel," he stated.
Abou Toeima advised traders to make use of the ongoing profit-taking and create new positions or expand old ones; however, he warned traders to be cautious in terms of global news, particularly those related to president elect Donald Trump.
The analyst expects the rise in UAE markets to continue well into January 2017, around when Trump's presidency will commence.
On a similar note, GCC market analyst Ahmed Al-Shaar commented that foreign investors were pumping significant liquidity into the Dubai Financial Market (DFM).
"This indicates good opportunities in the market," he said, noting that he expects foreign investments to increase on the DFM in 2016.
Translated by: Nada Adel Sobhi
