By: Mahmoud Gamal
Dubai – Mubasher: The UAE stock markets are expected to see an upward trend on the back of blue chips, mainly real estate stocks, following the strategic partnership between Emaar Properties and Aldar Properties.
By the end of Tuesday’s trading session, the Dubai Financial Market (DFM) settled at 3,182.8 points, backed by Emaar Properties’ stock which rose 1.02% to AED 5.94, while the Abu Dhabi Securities Market (ADX) slid 0.38% to 4,525.42 points as Aldar Properties fell 2.7% to AED 2.16.
On Tuesday, Emaar Properties and Aldar Properties have signed an agreement to develop local and global projects valued at AED 30 billion ($8.2 billion).
Historic partnership
The local bourses have witnessed a historic partnership between the largest real estate developers in the UAE yesterday, as Emaar and Aldar have formed a strategic alliance to develop projects worth more than AED 30 billion, CEO of NamaaZone Research Iyad Aref told Mubasher.
This partnership will pave the way for further strategic relations bolstered by the responsible entities in the country, he added.
This alliance is a clear message to reinforce investors’ confidence in the UAE bourses, Aref indicated.
Technical vision
Emaar’s stock, which closed Tuesday at AED 5.94, has resistance at AED 6.15 and AED 6.40, Aref noted, pointing out that the stock has ended the downward trend it saw since September 2017 to target AED 7 as it has support at AED 5.77.
Aldar’s stock, which ended yesterday’s session at AED 2.09, has resistance at AED 2.25, he said, noting that the stock would end the bearish trend it sees since July 2017 if it breaks above AED 2.34 to resume rising above AED 2.70.
Translated by: Mai Ezz El-Din
