By: Mahmoud Gamal
Dubai – Mubasher: The UAE stock markets will continue to be backed on Wednesday by selective purchases of blue chips and some defensive stocks, in line with improvement of liquidity and traders’ appetite, analysts told Mubasher.
The UAE markets will continue their sideways-to-bullish performance amid accumulation of blue chips by some portfolio investors, market analyst Hassan Al Zawi said.
The markets’ gains on Tuesday were backed by Gulf and Arab traders’ purchases of blue chips led by Dubai Islamic Bank (DIB), Arabtec Holding, and Drake and Scull International (DSI), Al Zawi added.
The markets still suffer from lower-than-expected liquidity, technical analyst Mohammed Al Shammari told Mubasher.
Investors did not make use of the positive news that Emaar launched Maple III at Dubai Hills Estate, the analyst added.
Speculators are expected to turn to profit-taking to make use of stocks which reached attractive price levels, Al Shammari explained.
Translated by: Julian Nabil
