By: Mahmoud Gamal
Dubai – Mubasher: The UAE stock markets are likely to see a positive rebound on Wednesday after the global stock markets posted strong gains yesterday, mainly the US stocks which saw a one-day plunge on Monday, analysts told Mubasher.
The Emirati markets closed Tuesday’s trading session down, as the Dubai Financial Market (DFM) hit lowest since June 2016 and the Abu Dhabi Securities Market (ADX) also fell to lowest level in a month.
Sufficient results
The Arab stock markets' investors, particularly in the UAE bourses, are concerned over trading on declining local stocks after Wall Street plunged and faced a correction phase, losing more than 400 points, technical analyst at the African Economic Council Mona Mostafa said.
The positive financial results of local firms may be enough to narrow anticipated losses, Mostafa commented.
The indices are expected to reach main support levels in the meantime, on which indices could be able to stop dipping to enter accumulation waves that last for the end of February, she noted.
The local stocks have started February with a bear run after closing January up amid rebound attempts to diminish previous losses, she added.
Foreign inflows in local stocks slid in February, she said, highlighting that the current correction wave the Emirati markets witness may push the DFM to retest support at 3,320 points.
She further noted that the ADX has support at 4,390 points and resistance at 4,558 and 4,643 points.
Translated by: Mai Ezz El-Din
