By: Mahmoud Gamal
Dubai – Mubasher: The UAE stock markets are expected to be backed on Monday by selective purchases of banks and real estate stocks, amid anticipations of oil prices and stock markets’ performance, analysts told Mubasher.
The UAE bourses managed to hold against profit-taking on blue chips on Monday, according to Wadah Al-Taha, member of the National Advisory Board of Chartered Institute for Securities & Investments (CISI).
Local stocks reached attractive price levels, yet the approach of the Eid Al Fitr holiday makes them lose their buying momentum, Al-Taha added.
The markets are expected to see a sideways-to-bullish performance on Monday, amid accumulation of mid-cap stocks by some portfolio investors, market analyst Hassan Al Zawi told Mubasher.
Dubai’s bourse is expected to rebound to 3,462 points, above which the main index will be able to move higher to 3,478-3,505 points, analyst Gamal Abdel Hamid said.
Translated by: Julian Nabil
