By: Mahmoud Gamal
Dubai-Mubasher: The UAE stock markets are expected to stabilise at their current levels on Wednesday, amid the increase of foreign investments in stocks and the significant rise of global exchanges, analysts told Mubasher.
Foreign traders are increasing their purchases despite the UAE bourses volatility, reflecting that there are some stocks stand at good levels of price-earnings ratio, capital market analyst Mohamed Al Harbi said.
On Tuesday, foreign investors made purchases worth AED 45.64 million, of which AED 15.4 million were in Abu Dhabi bourse and AED 30.24 million in Dubai exchange.
The UAE equities are expected to move sideways, the analyst said, adding that blue chips, which strongly support the main indexes to maintain their current levels, are likely to trade in a narrow range.
The rise of crude oil prices, following the news of possible oil-output freeze talks, positively affected the UAE markets, Basel Abu Teima noted.
Speculations still largely control the markets’ performance, especially Dubai bourse, Abu Teima added.
Translated by: Julian Nabil
