Dubai-Mubasher: The UAE stock markets are still delivering negative performance on traders’ anxiety from the drop in oil prices, analysts told Mubasher.
Dubai Financial Market (DFM) witnessed a downward trend on Wednesday for the fourth session in row, weighed by Dubai Islamic Bank, Emirates NBD, Dubai Investments and du.
DFM rebounded from below the 3,000-point level during the session to reach 3,000.95 points at close, said Ramy Rashad, head of advisory at Mubasher Financial Services – UAE and member at the American Association of Technical Analysts.
He added that the DFMGI is likely to witness a bearish performance and move below the important level of 3,000 points in the coming period.
Abu Dhabi Securities Exchange (ADX) closed in the red for the second session in a row on Wednesday, overshadowing the gains of energy, real estate and telecom sectors.
Rashad went on to say that Abu Dhabi general index is currently moving near the main support level of 4,080 points, and is expected to move further lower below such a level.
