By: Mahmoud Gamal
Dubai – Mubasher: The UAE stock markets are expected to see a new wave of gains in the last week of August, amid increased purchases by foreigners and institutions.
The UAE bourses are likely to see a sideways-to-bullish performance on Sunday, backed by accumulation of mid-cap stocks by portfolio investors, market analyst Hassan Al Zawi told Mubasher.
Foreign investors are expected to raise their investments in local stocks in the coming period, Al Zawi noted.
The UAE stocks are moving upward but they lack positive catalysts especially after the end of first-half financials, he confirmed.
The markets are expected to see active trades following the end of the Eid Al Adha and summer vacations, Al Zawi noted.
The UAE bourses announced that the Eid Al Adha holiday will start on 31 August, with trading activities to resume on 4 September.
The Dubai Financial Market (DFM) is targeting 3,550 points in the coming period, according to Hesham Hassan, head of technical analysis at Acumen Securities Brokerage.
The Abu Dhabi Securities Exchange (ADX) is maintaining a sideways-to-bullish performance, and its stability above 4,500 points will lead the market to target 4,600 points, Hassan noted.
Translated by: Julian Nabil
