By: Mahmoud Gamal
Dubai – Mubasher: The UAE bourses are still anticipating new market-boosting catalysts, topped by more firms’ financial results, to overcome the recent volatile performance amid thin liquidity.
The Dubai Financial Market (DFM) closed Sunday’s trading session down 0.53%, while the Abu Dhabi Securities Market (ADX) edged up 0.23%.
A wave of profit-taking has dominated the UAE stock markets yesterday, pressuring the two bourses to decline, market analyst Gamal Abdul Hamid told Mubasher.
The Emirati stock markets need fresh catalysts, such as more announcements of companies’ financial statements, on which indices will be able to resume the upward trend and break significant levels, Abdul Hamid highlighted.
The DFMGI is trading above an average of 200 days at 3,505 points, he indicated, forecasting the index to rebound and surpass 3,538 points.
The analyst further noted that the DFMGI may test 3,667 points over the coming trading sessions.
Moreover, financial analyst at Menacorp Financial Services Essam Kassabia said that the UAE bourses have seen a weak performance on Sunday, except for Union Properties’ (UPP) stock, which closed up 0.4% to AED 0.994.
On Sunday, UPP had sold a 50% stake in Emicool to Dubai Investments at a value of AED 500 million, which pushed investors to trade on the stock again, Kassabia added.
Translated by: Mai Ezz El-Din
