By: Mahmoud Gamal
Dubai – Mubasher: The UAE stock markets are seeing accumulation by foreign portfolio investors on the medium-term as most local stocks reached attractive price levels, analysts told Mubasher.
Individual and institutional investors purchased some stocks topped by GFH Financial Group and SHUAA Capital which reached low price levels in the past period, financial analyst Hossam Al Husseiny.
The recovery of liquidity boosted the sentiment of investors and pushed them to make purchases, pushing the Dubai Financial Market (DFM) to rise on Monday, Al Husseiny added.
The markets are expected to continue their rise in the coming period, amid the existence of some good opportunities and investors’ optimism about second-quarter financials, he noted.
Some selective stocks are seeing accumulation like GFH which attracted noticeable investments in the past two sessions followed the appointment of Securities & Investment Company (SICO) as a market maker in order for the latter to own a stake in GFH in the form of treasury shares, according to Eyad Al Bouriki, general manager of Al Ansari Financial Services.
Investors are optimistic about the performance of some blue chips such as Emaar Properties and Dubai Islamic Bank (DIB), Al Bouriki noted.
Liquidity is expected to rise in the coming sessions, in line with the beginning of first-half financials, Al Bouriki added.
Translated by: Julian Nabil
