By: Mahmoud Gamal
Dubai – Mubasher: Analysts advised traders to form new purchasing positions in the UAE markets on Wednesday, with respect to losses offsetting levels, amid oil hikes and the recovery of the global markets.
The current levels of a number of leading stocks in the UAE markets reached attractive purchasing levels, despite the current declines, technical analyst, Basel Abu T'eima, told Mubasher.
He advised traders to make use from the profit gaining to form and expand positions, with being cautious from the global news update, especially from Turkey and the impact of the Ambassador's assassination on the markets.
Abu T'eima expected UAE markets to continue to rise till January 2017, with the inauguration of the US President Donald Trump and the application of the OPEC and non-OPEC producers to the production cut agreement.
Technical analyst, Mohamed Al Azemy, told Mubasher that foreign investors tend to inject liquidity in the Dubai Financial Market (DFM) which indicates new chance in the market.
Foreign portfolios slowly pooled the shares to benefit from their declined prices in the DFM, Al Azemy said expecting for these foreign investments to increase in December, approaching the annual financial results and dividends announcements.
Translated by: Sara Ghali
