By Mahmoud Gamal
Dubai – Mubasher: UAE stock markets are likely to recover on Tuesday, but the sideways performance to continue amid negative speculations about US interest rate and oil, according to analysts.
Profit-taking on UAE bourses are expected to be contained during the mid-week trading session, which will reverse the current downtrend and maintain portfolios' current levels, said market analyst Abdulqader Al Shaath.
"In spite of the current downturn, statistics indicate that portfolios have showed interest in increasing position. This proves how investment in UAE stocks looks attractive despite their lowering quotes over the past sessions", Al Shaath added.
Unlike, market analyst Waddah Al Taha said the stock markets are forecast to adopt a sideways-to-down trend as lacking new momentums.
"Many portfolios have a great level of liquidity, but investors are hesitant about freely trading on UAE bourses due to the current down mood as along as uncertainties surrounding world and regional markets", Al Taha indicated.
The Abu Dhabi Securities Exchange’s (ADX) ended Monday’s session on a negative note, on the back of the blue chips.The main index shed 0.19% or 8.74 points to stand at 4,510.5 points.
The Dubai Financial Market (DFM) saw higher losses at close on Monday, amid the decrease of positions in blue-chip stocks. The benchmark index slid 0.69% or 24.4 points to reach 3,535.29 points.
