By: Mahmoud Gamal
Dubai – Mubasher: The indices of the UAE stock markets have seen temporary rebounds amid the absence of institutional and foreign investments, which are still affecting the performance of stocks, analysts told Mubasher.
Investors have lost confidence in the local bourses as the indices have been moving downwardly over the past trading sessions, analysts added.
Emirati stocks have been shrugging off market-boosting catalysts, mainly the recently announced strong quarterly financial results of some firms, they pointed out.
Selling pressures on a number of blue-chip stocks over the latest sessions have negatively impacted the other listed stocks, they indicated.
Analysts further noted that many securities are currently traded below their book value, which implies that investment opportunities in the UAE bourses are available.
By the end of Monday’s trading session, the Abu Dhabi Securities Market (ADX) shed 0.44% to 4,540.09 points, and the Dubai Financial Market (DFM) slid 0.32% to 2,962.84 points.
Technical vision
The DFMGI broke above 2,950 points after hitting 2,985.33 points and closed Monday’s trading session at 2,962.84 points, technical analyst Gamal Abdul Hamid said.
The index may break above 3,023 and 3,047 points to test 3,080 points if it surpasses 2,982 points and reaches 3,003 points, he highlighted.
Abdul Hamid noted that the UAE stocks could technically rebound any time on positive news.
Translated by: Mai Ezz El-Din
