By: Mahmoud Gamal
Dubai – Mubasher: The financial results of real estate companies will define the UAE stock markets’ performance on Wednesday and over the next week, analysts told Mubasher.
By the end of Tuesday’s trading session, the Dubai Financial Market (DFM) closed in green territory on the back of real estate stocks, while the Abu Dhabi Securities Market (ADX) fell, in line with seeing a wave of profit-taking.
Investors are anticipating more announcements of the real estate companies’ financial statements, mainly Arabtec Holding and DAMAC Properties, to make their investment decisions, CEO of NamaaZone Iyad Aref said.
The indices of the Emirati bourses are recently testing significant levels as the DFMGI broke above 3,380 points, Aref highlighted, adding that the DFM has returned back to move upwardly.
He projected the prolonged accumulation pressures at low levels to push the DFMGI to 3,280 and 3,260 points over the coming trading sessions.
Aref also recommended investors to focus on profitable stocks with good financial basis and to avoid trading on losing stocks or those with negative financial results.
Meanwhile, Mohab Maher, Mubasher Financial Services' (MFS) senior sales trader, said that the local stock markets’ liquidity ratios are currently thin, which demonstrates investors’, particularly retail investors, interest in selling.
Foreign portfolios inclined to blue chips, mainly Emaar Properties and some of the banks sector’s stocks, after the UAE bourses saw a sharp decline due to the global markets' plunge, Maher indicated.
Translated by: Mai Ezz El-Din
