By: Mahmoud Gamal
Dubai – Mubasher: Analyst expected that UAE markets would see support from the results of Emaar Properties on Wednesday, after the positive rebound seen in Abu Dhabi Exchange (ADX) and Dubai Financial Market (DFM).
Emaar Properties posted a 56% and Union National Bank (UNB) posted a 31.6% rise year-on-year in their net profits during the fourth quarter of 2016.
0l1ow liquidity suffered by local markets is normal approaching the end of the results' announcements and the change of the strategic positions of the investment groups, technical analyst, Shehab Qaraqash, told Mubasher.
On Tuesday, UAE markets saw positive trades after the fall they experienced on Monday which was resulted from the negative results of a number of the leading companies led by Arabtec, the analyst added.
Qaraqash noted that the rebound points to the optimistic state amid investors.
Moreover, technical analyst, Mohamed Al Shemary, expected that the UAE markets would extend their gains on Wednesday and that DFM would return to break through 3,700 points.
Translated by: Sara Ghali
