By: Mahmoud Gamal
Mubasher: The UAE markets are expected to see a sideways-to-bullish performance on Wednesday, in line with a positive outlook for US stocks.
The markets managed to hold on Tuesday as portfolio investors tended to invest in banks stocks, market analyst Ahmed Ismail said, adding that this reason may help the stocks see further recovery on Wednesday.
The Abu Dhabi Securities Exchange (ADX) rose 1.84%, while the Dubai Financial Market (DFM) grew 0.58%.
Portfolio investors are currently directing their investments to increase their positions in Emaar Properties and Etisalat, which reached attractive price levels, Ismail told Mubasher.
Most UAE blue chips are expected to see more cautious accumulations, in line with the approach of first-quarter financial announcements, capital market analyst Hareb Omar noted.
The DFM is expected to continue its rise and target 3,570 and 3,600 points respectively, according to technical analyst Dayem Sultan.
Translated by: Julian Nabil
