By: Mahmoud Gamal
Mubasher: Investment portfolios are beginning to focus their attention and increase their stock positions in banking stocks in the two UAE markets, analyst Ahmed Ismail told Mubasher.
This new focus may prompt further recovery in the Dubai and Abu Dhabi markets, particularly after the disclosures made by Dubai Islamic Bank (DIB), Union National Bank (UNB), and Mashreq Bank, he added.
On Wednesday, UAE bourses enjoyed major support from the banking sector's stocks, led by Dubai-listed DIB, up 1.7%, and UNB's 6.4% surge.
DIB gained 4% on Tuesday following the announcement of AED 1.42 billion in profits in the first quarter of 2017, which were in line with analysts' expectations.
Some portfolios are focusing their investments on blue chips in general such as Emaar and Etisalat, whose stocks have reached attractive buying levels.
Meanwhile, market analyst Hareb Omar told Mubasher that he expects investors to increase their positions in leading stocks ahead of next week's financials disclosures.
Several foreign and institutional investors have shown a strong buying appetite for UAE-listed stocks, owing to their attractively-low price levels, he noted.
Dubai's benchmark index is expected to reach 3,570 points on Thursday, Dayem Sultan told Mubasher, noting that passing that level will prompt further gains towards 3,600 points.
Translated by: Nada Adel Sobhi
