By: Mahmoud Gamal
Dubai – Mubasher: The UAE stock markets are expecetd to hold on the positive outlook for the first-half financials of major companies, led by Emaar Properties and Arabtec Holding, analysts told Mubasher.
Stocks listed on the Dubai Financial Market (DFM) and some blue chips in the Abu Dhabi Securities Exchange (ADX) are witnessing correction before their rally phase, according to capital market analyst Fadi El Ghattis.
The markets will be pushed up by blue chips’ and banks' H1-17 results which will be revealed soon, he added.
The real estate sector’s results are expected to be backed by higher sales and more deliveries of units ahead of Expo 2020, El Ghattis noted.
The DFM targets to reach the level of 4,200 points before the end of 2017, the CEO noted.
Investors are expected to hold their stocks amid positive expectations for Arabtec Holding’s profits which may near AED 1 million, as well as for Emaar’s results, according to technical analyst Mohamed Saeed.
Translated by: Julian Nabil
