By: Mahmoud Gamal
Dubai – Mubasher: The UAE stock markets are expected to maintain its gradual rise during Wednesday’s trading session on the back of investors’ tendency to equity risk and higher oil prices.
By the end of Tuesday’s trading session, the Dubai Financial market General Index (DFMGI) edged up 0.38% and the Abu Dhabi general index added 0.17%.
The UAE's two bourses have closed at high levels, which push them towards more gains over the coming sessions, market analyst Gamal Abdel Hamid told Mubasher.
The rise of oil prices will bolster the Emirati stock markets on Wednesday as Brent Crude oil price hovers near $70 per barrel, Abdel Hamid highlighted.
The bourses are currently recovering on active trades and investors’ interest in trading on some blue chips and mid-cap stocks, he indicated.
The DFMGI may test 3,538 and 3,667 points if it settles above 3,481 points and closes at 3,503 points, he said.
Blue chips are forecast to extend gains over the coming period, in line with the announcement of firms’ financial statements, he projected.
Moreover, senior sales trader at Mubasher Financial Services (MFS) Mohab Maher said that the UAE stock markets are waiting for new market-boosting catalysts, including firms’ financial statements and dividend distributions, particularly Emaar Properties.
The leading stocks have hit attractive levels and achieved remarkable gains since the beginning of the current year, Maher stressed, adding that the stocks have not seen these luring levels in years.
Translated by: Mai Ezz El-Din
