By: Mahmoud Gamal
Mubasher: UAE stock markets are forecast to see varying performance on Sunday and throughout the week as companies begin to announce their financial results for the full year 2017 and disclose dividend distributions, analyst told Mubasher.
Last week, the Dubai Financial Market (DFM) fell after five straight weeks of gains amid low trading, while the Abu Dhabi Securities Exchange (ADX) ended higher at 4,650 points, while trading volumes increased.
Market direction
This week, investors will focus on companies’ results, which are likely to set the market direction for twin bourses, commented market analyst Ines Mguidich, indicating that if the ADX passes 4,650 points, it will rise towards 4,690 points.
Meanwhile, the DFM’s general index has already fallen below 3,450 points and is therefore likely to extend its losses, heading towards 3,410 points, Mguidich told Mubasher.
Institutional buying
Meanwhile, technical analyst at the African Economic Council Mona Mostafa forecast that UAE bourses will see the return of institutional buyers, who will focus on companies with operational performance and large dividends.
The DFM will see support at 3,446 points and resistance at 3,490 points, Mostafa noted, forecasting that the ADX will see some profit-taking that will prompt it to decline to wards support between 4,613 and 4,594 points.
Translated by: Nada Adel Sobhi
