By: Mahmoud Gamal
Dubai – Mubasher: The UAE stock markets are likely to see a bullish trend during Thursday’s trading session and over the coming sessions as real estate stocks are expected to resume rising.
By the end of Wednesday’s trades, the Dubai Financial Market General Index (DFMGI) edged up 0.32% at 3,369.85 points, while the Abu Dhabi Securities Exchange (ADX) inched up 0.19% to 4,358.98 points.
Real estate stocks are leading blue chips that hit attractive levels, financial analyst at Menacorp Financial Services Essam Kassabia told Mubasher.
The UAE stock markets saw a selective buying wave, especially real estate stocks topped by Emaar Properties’ stock amid positive anticipation of annual dividends distributions, Kassabia added.
It is worth mentioning that Emaar’s stock closed Wednesday’s session up 2.3% to AED 7.14.
The price of DAMAC Properties’ stock has not changed and investors are still trading on the stock despite the declining wave it recently witnesses, which assures that the company eases the process of distributing dividends as the year before at 25 fils, he said.
The companies’ announcement of the new year’s estimated budgets is one of the positive factors that will impact the UAE bourses, he indicated.
Selling on ADNOC Distribution’s stock will positively reflect on the ADX as it will boost liquidity over other sectors, Kassabia noted.
ADNOC Distribution’s stock fell yesterday 3.3% to AED 2.66, with a traded volume of 13.19 million shares.
Translated by: Mai Ezz El-Din
