By: Mahmoud Gamal
Dubai – Mubasher: The UAE stock markets are expected to continue their uptrend on Monday, amid investors’ optimism, analysts told Mubasher.
Higher oil prices and positive outlook for blue-chip companies’ first-half results are lifting investors’ sentiment, analysts added.
The markets managed to hold on the back of blue chips on Sunday, according to Jamal Ajaj, director of Al Sharhan Shares Centre in Abu Dhabi.
Traders are still waiting for the rest of second-quarter financials to be disclosed soon, Ajaj added.
Liquidity improved on Sunday, he said, adding that a big transaction was carried out on First Abu Dhabi Bank’s stock, pushing up the overall trading volume.
On another note, capital market analyst Tarek Ghanem expected the UAE bourses to continue their sideways-to-bullish performance throughout ther rest of this week, amid the rise of liquidity pumped in small caps.
The markets saw buying momentum after some local stocks reached attractive price levels, Ghanem added.
Translated by: Julian Nabil
