By: Mahmoud Gamal
Dubai-Mubasher: Most of the foreign portfolio investments at the UAE stock exchanges resumed their purchasing trends among local shares which reached technical attractive levels, said gulf capital market analyst Salem Al-Neiwary.
Investors have increased their purchasing movement on banks in Sunday’s session, folllowing the news of a possible merger between the National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB).
The mixed performance seen in global markets and oil prices over the past week will push the GCC investors to be temporarily cautious, while traders will continue to increase their positions at low attractive prices, said capital market analyst Nawaf Al-Ajami.
Meanwhile, the UAE stock markets are still negative, technical analyst Mohammad Al-Ka’bi said, noting that small investors should hold until the resistance levels of 1both Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange (ADX) at 3,350 and 4,600 points respectively are broken.
Translated by: Ingy ElSafy
