By: Mahmoud Gamal
Dubai – Mubasher: Local and foreign investors are boosting their buying on blue chips on the UAE stock markets ahead of firms’ announcement of financial statements, in line with the hike of oil prices and some global indices.
By the end of Sunday’s trading session, the Dubai Financial Market General Index (DFMGI) added 0.22%, while the Abu Dhabi General Index (ADI) edged up 0.18%.
Investors have moved towards trading on leading stocks of the real estate and banks sectors since the beginning of 2018, technical analysts Gamal Abdul Hamid told Mubasher.
Traders have the opportunity to offset their losses amid firms’ positive anticipated financial statements, Abdul Hamid added.
Investors, particularly institutions, are likely to boost trading on Emirati stocks as Brent Crude oil price surpassed $66 per barrel, as well as global stock markets which extend their gains, he stressed.
The DFMGI closed Sunday’s session at 3,471 points and it may break above 3,481 points to touch 3,505 points if it settles above 3,450 and 3,465 points, the analyst highlighted.
Translated by: Mai Ezz El-Din
