By: Mahmoud Gamal
Dubai – Mubasher: The UAE bourses are likely to see more buying on real estate stocks on Tuesday, in line with the launch of Cityscape Abu Dhabi 2018, analysts told Mubasher.
The Dubai Financial Market (DFM) closed Monday’s trading session 0.3% down at 2,140.48 points, and the Abu Dhabi Securities Market (ADX) dipped 0.4% to 4,682.27 points.
Investors are expected to incline to buy on real estate stocks over the coming sessions, in line with launching Cityscape Abu Dhabi today, CEO of Mindcraft Consulting Fady Al Ghattis said.
Real estate stocks of the UAE bourses have seen a bearish trend over the past sessions, which have pushed the stocks to hit low luring levels they have not tested for years, Al Ghattis indicated.
The DFM is currently seeing quick positive speculations by some portfolios despite the continuous downward trend the DFMGI witnesses, he pointed out.
As for the ADX, technical analyst Mohamed Al-Azmi said that investors in the ADX were focusing trades on Dana Gas’ stock over the two past sessions as it was reported that the company has reached a compromise regarding its sukuk dispute.
Stocks of the real estate sector have been facing pressures that pushed the ADX to close in red territory, Al-Azmi noted.
For his part, market analyst Gamal Abdul Hamid forecast investors to regain confidence in the local stock markets, adding that the markets may see new investments to activate inactive stocks, which cause thin liquidity, over the next sessions.
The DFMGI is projected to move towards 3,196 points after testing 3,139 points, pointing out that the index is targeting 3,333 points, Abdul Hamid highlighted.
Translated by: Mai Ezz El-Din
