By: Mahmoud Gamal
Dubai-Mubasher: The UAE stock markets are expected to continue their uptrend on Tuesday, as some portfolio investors accumulate and speculate on some selective stocks, analysts told Mubasher.
Equities witness building of new positions by investors who want to make use of attractive opportunities, capital market expert Ibrahim Al-Failakawi told Mubasher.
A break above the level of 3,200 points will push Dubai market’s main index up towards 3,400 points, according to Tarek Al Essawy, analyst.
Meanwhile, Yasser Ali, analyst, said reports that one of Arabtec’s major shareholders is adding to his holding pushed the DFM to break 3,241 points, , adding that the main gauge see resistance at 3,276 points.
Arabtec stock jumped 14% to AED 1.44 after CNBC Arabia reported that the company’s former CEO Hasan Ismaik is boosting his stake.
According to DFM website, Ismaik stake rose 11.91% on Sunday and Monday from 11.8%.
Translated by: Julian Nabil
