By: Mahmoud Gamal
Dubai – Mubasher: Foreign investors were net buyers of the UAE bourses’ blue chips in October, in line with firms’ positive financial results.
Foreign investors were net buyers in both the Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX) with AED 5.65 billion last month, and were net sellers with AED 5.57 billion, according to Mubasher.
Foreign buying represented about 48% of total transactions at a value of AED 11.82 billion.
Market analyst expressed their optimism after foreign investors resumed trading on the stocks of the UAE bourses.
Total foreign buying in the DFM amounted to AED 3.88 billion in October, while foreign selling stood at AED 3.92 billion.
Selling powers dominated the DFM in the last week of October as some investors tended to enter new offering, Fady Al-Ghattis, CEO of Minecraft Consulting, told Mubasher.
Total foreign buying in the ADX reached AED 1.77 billion in October, while foreign selling stood at AED 1.64 billion.
On the other hand, local investors net buyers with AED 8.89 billion and net sellers with AED 8.97 billion.
Al-Ghattis forecasted foreign investments, especially the institutional investments, to resume buying in various sectors during November, amid the recovery of firms’ third-quarter financial results.
Translated by: Mai Ezz El-Din
