By: Mahmoud Gamal
Dubai – Mubasher: The UAE stock markets are expected to hold at their current levels on Tuesday, amid higher investments in small-cap stocks, along with the rise of oil prices and global exchanges, analysts told Mubasher.
Some local and foreign investors are increasing their purchases although the markets are nearing the profit-taking phase, reflecting that some stocks have good price-earnings (P/E) ratios, capital market analyst Mohamed Al Shamari said.
The markets managed to hold on Monday, backed by quick transactions on blue-chip and small-cap stocks in the last few hours before the end of the trading session.
Some attractive stocks like Emaar Malls Group, Emaar Properties, Emirates NBD, and Dubai Islamic Bank (DIB) lured investments
A number of selective stocks still see speculations as investors are awaiting the appearance of new catalysts, Al Shamari added.
The buying momentum seen since the beginning of this year is expected to continue, in line with the purchases of institutional and portfolio investors who are trying to make use of low-priced stocks, the analyst explained.
Small traders should be cautious as oil prices are approaching important levels ahead of the meeting of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC partners on Wednesday over the prolongation of the production cut deal, analyst Hassan Al Zawi noted.
Translated by: Julian Nabil
