By: Mahmoud Gamal
Dubai-Mubasher: Traders should be cautious about purchases of the UAE stocks on Thursday as the stock markets reopen after long Eid al-Adha holiday, amid anticipations of the global oil and stock markets, analysts told Mubasher.
Some stocks are still standing at support levels that cannot attract more liquidity in the short term.
Dubai’s main index is likely to lose 80-90 points in the coming sessions, coinciding with the Dow Jones Industrial Average which declined by 500 points, according to Mansour Al-Shamsy, an analyst at a UAE government entity.
Real estate stocks especially Emaar Properties will be a main reason behind the negative performance of Dubai bourse, Al-Shams explained.
The DFMGI becomes near 3,420-3,440 points, he said, adding that the index will rebound when it approaches 3,490 points.
The UAE markets are likely to see fluctuations amid the current sharp decline in trading volumes, Jamal Ajaj, director of Al Sharhan Shares Centre in Abu Dhabi, said.
The exchanges may suffer from weak activity in the coming sessions, especially amid the lack of positive catalysts, Ajaj noted.
Translated by: Julian Nabil
