By: Mahmoud Gamal
Dubai – Mubasher: The UAE exchanges are expected to hold at their current levels on Thursday, amid increased investments by foreign investors and some institutions, analysts told Mubasher.
Although the UAE stock markets are nearing a phase of profit-taking, foreign traders are increasing their purchases, reflecting that stocks have good price-earnings (P/E) ratios, capital market analyst Salem Al Neweiri said.
The UAE bourses managed to hold on Wednesday, backed by quick speculations on blue chips, Al Neweiri added.
Traders invested in attractive stocks like DXB Entertainments, Abu Dhabi Commercial Bank (ADCB), Deyaar Development, and Dubai Investments, Al Neweiri noted.
Buying momentum seen since the beginning of this year is expected to continue, as institutional and foreign portfolio investors are trying to make use of low-price stocks, the analyst said.
Translated by: Julian Nabil
