By: Mahmoud Gamal
Dubai – Mubasher: Financial institutions are expected to keep buying stocks in the UAE stock market during Thursday’s session amid attractive price levels, analysts told Mubasher.
Analyst Hassan Al Zawy said that despite the recession of local markets and the weakness of the speculative market, financial institutions are tending to obtain stocks, especially the leading ones.
Emirati stocks saw a bullish performance in Wednesday’s session after a fluctuating performance at the beginning of the week, backed by the gains of the real estate and banks sectors despite the absence of incentives, Al Zawy added.
The decline of liquidity is a normal consequence due to the summer season and the Eid El Adha holiday, financial analyst Mohammed Al Shammari told Mubasher.
Liquidity is expected to continue its activity by the end of the holiday, which came at the same time as the firms’ announcements of third-quarter financials, Al Shammari added.
The horizontal fluctuation tending to ascend performance is likely to continue in the UAE stock markets during next week’s sessions, while blue chips are likely to bolster liquidity, which had been attractive to investment funds, analyst Tarek Ghanem told Mubasher.
The Dubai Financial Market (DFM) stock market is currently aiming for 3,640 points technically, while the Abu Dhabi Securities Exchange (ADX) is seeing a sideways performance, which may break over 4,490 points to 4,520 points, he concluded.
Translated by: Mai Ezz El-Din
