By: Mahmoud Gamal
Mubasher: The UAE stock markets are expected to see a sideways-to-bullish performance on Wednesday, in line with the expected disclosures of further first-quarter financial results, analysts told Mubasher.
The UAE banks stocks and some real estate ones started to see interest from portfolio investors on Tuesday.
Build-up of new positions in banks stocks by portfolio investors may lead the UAE bourses to see further recovery on Wednesday, in line with the announcement of DFM Company's and Aldar Properties’ Q1-17 results which came in line with expectations, capital market analyst Ahmed Ismail told Mubasher.
Portfolio investors are increasing their investments in blue chip companies like Emaar Properties, Dubai Investments, Etisalat, and Abu Dhabi Commercial Bank (ADCB), which reached attractive price levels, he added.
Some stocks still stand at good price levels, Ismail noted.
Most blue chips are expected to see cautious accumulation on Wednesday, in line with the anticipation of further quarterly financials, capital market analyst Hareb Omar said.
The Dubai Financial Market (DFM) is expected to rise to 3,420 points, then 3,480 points, financial analyst Alaa Sultan said.
The Abu Dhabi Securities Exchange (ADX) is likely to see selective purchases by some institutional investors, which push the main index to reach 4,600 points, Sultan explained.
Translated by: Julian Nabil
