By: Mahmoud Gamal
Dubai - Mubasher: Selective purchasing by portfolios for medium and defensive stocks, those from the transport and services sectors, is likely to prompt stability in UAE bourses on Wednesday amid growing anticipation for global and oil markets, analysts told Mubasher.
UAE stock markets are likely to continue their mixed performance on Wednesday as locals and portfolios continue increase their positions in medium stocks, commented market analyst Hassan Zawy.
He told Mubasher that buying of smaller-sized stocks helped trim losses in the UAE's twin markets on Tuesday.
The Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX) both ended Tuesday down; however, several medium and defensive stocks were seeing rising: Dana Gas and TAQA grew 5.6% and 4%, respectively, while DFM-listed Amanat and Ajman Bank gained 5.1% and 1.33%, respectively.
The analyst confirmed that UAE markets are still suffering from strong speculative trading amid the continued absence of foreign investoment.
Meanwhile, market analyst Mohamed El-Shamry told Mubasher: "Falling stock prices prompt investors to buy, while rising prices prompt them to sell," noting that current prices are attractive for traders.
Portfolios are likely to be seen increasing their positions in the coming weeks to make use of the current low prices, he added.
Translated by: Nada Adel Sobhi
