By: Mahmoud Gamal
Dubai – Mubasher: The UAE stock markets are expected to continue its negative trend during Tuesday’s session, in line with the Saudi government anti-corruption probe started when it arrested 11 princes, analysts told Mubasher.
On Monday, the Dubai Financial Market (DFM) decreased 1.16%, while the Abu Dhabi Financial Market (ADX) shed 0.35%.
The UAE bourses’ indices, especially the DFMGI levelled down after most of stocks saw more selling during Monday’s session, Analyst Razan Shahwan told Mubasher.
The DFMGI fell to the level of 3,600 points during the previous three sessions, Shahwan added, noting that the negative trend will decrease during Tuesday’s session, and the bourses’ indices will likely inch up by the end of the week.
The investors in the UAE stock markets are in caution, in line with the Saudi government started anti-corruption crackdown, sales analyst at Mubasher Karim Al Shammas said.
The anti-corruption crackdown which is led by the Saudi Crown Prince may impact negatively on some of stocks which are listed on the GCC bourses, Al Shammas added.
The GCC stock markets are still facing stress tests due to Qatar’s rift with some of the GCC and Arab countries, in addition to Yemen’s war which Saudi Arabia and the UAE are participating in it, the sales analyst at Mubasher noted.
The current events impacted negatively on the UAE bourses’ investors after recovering which occurred especially after Emaar Development’s initial public offering (IPO) took place.
The UAE stock markets are expected to recover by the end of the fourth quarter for 2017, as the foreign investments are increasing in the bourses, Al Shammas concluded.
Translated by: Mohamed Hesham Azab
