By: Mahmoud Gamal
Dubai-Mubasher: The UAE stock exchanges are expected to fall on Sunday, in line with the UK’s vote to leave the European Union as well as decreasing oil prices, according to capital market analysts.
The downward trend is foreseen to remain for the first three sessions of this week, technical analyst Basel Abo-Teima said, advising the investors to start purchasing stocks in the third session to see a rebound trend and volatility.
With oil prices below $50 a barrel and the speculative liquidity seen in the UAE markets, investors should hold until Ramadan is over and companies start announcing their financial statements for the second quarter, the analyst added.
Liquidity of the UAE markets is starting the week negative, with shares moving at low prices, said technical analyst Mohamad Al-Ka’bi.
Dubai Financial Market (DFM) is expected to fall to 3,200 and 3,150 points as negative global news continue to affect the market, analyst Tareq Al-Eisawy said, noting that DFM may keep falling to 2,900 and 2,845 points if the downward trend continues for the rest of this week.
Translated by: Ingy ElSafy
