By: Mahmoud Gamal
Dubai – Mubasher: The UAE bourses are backed by selective purchases of UAE mid-cap and defensive stocks on Tuesday, with expectations to rise amid liquidity recovery and investors’ positive sentiment, analysts told Mubasher.
The UAE stocks are expected to see a sideways-to-bullish performance on Tuesday, amid the accumulation of mid-cap stocks by some portfolio investors, market analyst Hassan Al Zawi said.
Purchases of some small-cap stocks pushed the markets to close higher on Monday, Al Zawi noted.
Higher turnover on Monday reflects that the markets regained investors’ confidence, financial analyst Mohammed Al Shammari stated.
Traders' focus on small caps was mainly driven by the appearance of some positive news related to the plans of some companies to transform into large investment and banking groups, the analyst added.
Speculators are expected to carry out profit-taking on high-priced stocks, especially of the companies which achieved “outstanding” profits in the first quarter of 2017, Al Shammari said.
Improved liquidity is mainly attributed to a heavy trading on Amanat Holdings’ stock following the approval of a restructuring plan to turn profitable, capital market analyst Tarek Al Ghanem explained.
Translated by: Julian Nabil
