By: Mahmoud Gamal
Dubai-Mubasher: The UAE stock markets are expected to see a volatile trend on Tuesday amid lower oil prices and fluctuations of global markets, in addition to investors’ anticipation of the Federal Reserve's policy meeting, capital market analyst Ali Al Shehhi said.
The Federal Open Markets Committee’s (FOMC) meeting, which is scheduled for Tuesday or Wednesday, will be followed by a decision on the interest rate, he added.
Dubai’s main gauge may decline to 3,220-3,170 points then to 3,020 points due to the current wave of profit-taking, Al Shehhi noted.
Abu Dhabi’s general index targets 4,385-4,420 points; yet the market is expected to resume its downward trend, the analyst said.
He went on to say that the UAE markets technically gave a signal for investors to take profit.
After the quick rise of local stocks throughout the last four weeks, the indexes are likely to move towards new price levels in the coming periodADX is still in a correction phase as its index is trading above 4,316 points, as breaking such level will lead the main gauge to see powerful fluctuation in prices, according to the analyst.
