By: Mahmoud Gamal
Dubai-Mubasher: UAE stocks were negatively affected by lower-than-expected financials for the first quarter of 2016, which overshadowed the rise of oil and global markets, according to Jamal Ajaj, director of Al Sharhan Shares Center in Abu Dhabi.
The disclosure period for financial statements ended on Monday in the UAE stock markets.
Some investors purchased select low-priced stocks which are trading near their book value and have a high return rate, said Ajaj added.
Decline in stocks prices will encourage some portfolios and funds to build investment positions, capital market analyst Wadah Al Taha noted.
The UAE markets should hold in the coming sessions to regain investors’ confidence and attract institutional investors, Al Taha concluded.
The Dubai Financial Market (DFM) maintained its downtrend on Monday, amid profit-taking on blue chips, with the DFMGI falling 0.43% or 14.26 points to 3,290.37 points.
The Abu Dhabi Securities Exchange (ADX) performed similarly, as the general index declined 0.66% or 28.88 points to close at 4,345.31 points.
Translated by: Julian Nabil
