Dubai – Mubasher: Selective purchasing and speculations on UAE stock markets are likely to have the upper hand during the mid-week trading session, according to analysts who expected UAE indices to rise as investors tend to register better monthly closings.
Capital market analyst Mohanad Dyak said UAE bourses may give a positive performance on Tuesday and Wednesday, but technical indicators reveal that this rise is likely to continue for a minimum of two weeks and a maximum of four.
The DFM general index will likely target the 4,000-4,200 area on the long run, if holding above 3,600-650 points over the coming trading sessions with a turnover crossing AED 600 million, Dyak added.
On Monday, the DFMGI rose 0.12%, or 4.03 points, to reach 3,494.30 points; however, the main index is technically weak as it did not break its important resistance at 3,500 points, said capital market analyst Fawzi Abdullah.
Abdullah expected the market to continue its volatile performance today, with its general index likely to target 3,480 points.
Investors are advised to avoid quick speculations and to maintain operational stocks, market analyst Harb Al-Mahiri concluded.
