By: Mahmoud Gamal
Dubai – Mubasher: The financial results of Emaar Properties and GFH Financial Group (GFH) for the third quarter of 2017 are expected to enhance the positive performance of the UAE stock markets in Monday’s session, analysts told Mubasher.
On Sunday, GFH stated that it achieved $25 million profits during Q3-17, against losses in the year-ago period.
Emaar Properties’ profits surged 32% to reach AED 1.510 billion during Q3-17, compared to AED 1.145 billion in Q3-16.
On Sunday, the Dubai Financial Market (DFM) inched up 0.34% to reach 3,464.74 points, whereas the Abu Dhabi Securities Exchange (ADX) edged down 0.06%, reaching 4,373.73 points.
The stability of the geopolitical situation in the region encouraged investors to start investing and trading on some stocks that led to a rise in these stocks, Market analyst Gamal Abdel Hameed told Mubasher.
Abdel Hameed confirmed that the outlook for the bourses which changed later to positive was backed by the financial results of the firms which are expected to improve, especially the insurance sector that most of its companies will announce this week.
The period of announcing the companies’ financial results in the UAE stock markets will end on 15 November.
The strong financial results of Emaar Properties and GFH supported the rising trend on Monday’s trading session which was forecasted after the sharp drops in the previous week’s session, Abdel Hameed added.
By the end of the week before, the DFMGI tumbled 4.7%, and the ADX fell in line with collecting profits.
Abdel Hameed expected that the DFMGI will remain above 3,434 points, and if this occurs it will be able to exceed the level of 3,465 points.
Exceeding 3,465 points will enable the DFMGI to reach 3,541 points, Abdel Hameed noted, concluding that the expected growths need strong liquidity, whereas liquidity is currently weak in the bourse due to the initial public offering (IPO) of Emaar Development.
Translated by: Mohamed Hesham Azab
