By Mahmoud Gamal
Dubai – Mubasher: Traders' appetite for buying blue-chip stocks is likely to keep growing on Wednesday in spite of the instability of oil prices and world markets, analysts told Mubasher.
According to data by ADX and DFM markets, local investors were yesterday net buyers by AED 15.47 million.
Market analyst Salem Al Neoyary attributed this improvement to the registration of listed companies in Nasdaq Futures that will be launched soon.
However, the continuity of this trend still requires liquidity levels over AED 500-600 million as it signifies the comeback of long-term investors, the analyst added.
The DFMGI gained 0.54% or 18.90 points to close at 3,513.20 points near key resistance levels, Manaf Al Mallouhi, head of research at Elite Financial Services.
He further noted that the UAE markets are waiting for a bunch of stimulating events such as Morgan Stanley’s review of UAE stocks and the opening of Nasdaq futures.
The DFMGI is likely to continue its sideways-to-upward trend throughout the rest of this week, Al Mallouhi concluded.
