By: Mahmoud Gamal
Dubai – Mubasher: Last week’s state of caution and anticipation is likely to continue in the UAE markets on Sunday and throughout the week as companies continue to report financials for the first quarter of the year, analysts told Mubasher.
The losses incurred by the Dubai and Abu Dhabi benchmarks on Thursday were due to a number of reasons, the most important of which was the weak performance by leading stocks as investors await market-boosting catalysts, including companies’ financials, UAE market analyst Mostafa Hassan told Mubasher.
On Thursday, the Dubai Financial Market (DFM) shed 0.88% and the Abu Dhabi Securities Exchange (ADX) declined 0.81% to 3,509 and 4,518 points, respectively.
Technical indicators showed minor gains in UAE bourses, as the DFM targets strong resistance at 3,375 points then 3,620 points, the analyst said.
Maintaining current trading levels will encourage portfolio and fund investors to continue their "collective buying" spree, which they have been executing for some time now and which focuses on operational stocks, of which results tend to be greater than expected, Hassan highlighted.
Meanwhile, market analyst Mohamed Al Azmy said he expected UAE bourses "to be getting ready for a wave of strong gains on both the medium and long terms."
Delaying the disclosure of first-quarter financials will increase the "state of confusion" seen on the markets lately, Al Azmy added.
Translated by: Nada Adel Sobhi
