By: Mahmoud Gamal
Dubai – Mubasher: The UAE stock markets are expected to maintain the positive performance on Thursday, analysts told Mubasher.
Al-Sharhan Centre general manager Gamal Agag said that the UAE bourses are seeing an upward trend amid the good performance of some blue chips, particularly the real estate sector, which has not revealed its quarterly financial results yet.
Agag forecasted that some stocks, mainly those which climbed promptly over the past period, may witness a price correction wave.
Moreover, technical analyst Gamal Abdul Hamid told Mubasher said that the indices of the UAE stock markets would test important levels, adding that breaking above these levels maintain its bullish performance.
Some major firms, which its financial results beat estimates such as Etisalat UAE, will bolster the anticipated positive performance on Thursday’s trading session, Abdul Hamid highlighted.
The banks sector’s stocks of Abu Dhabi may be affected by the huge decline in profits of First Abu Dhabi Bank, he mentioned.
He recommended the investors to trade on the real estate sector’s stocks, mainly firms that have not announced its financial results yet.
Abdul Hamid expected foreign investors in Dubai to focus on some of the banks sector’s stocks topped by Dubai Islamic Bank (DIB).
Technical vision
Abdul Hamid noted that the Dubai Financial Market General Index (DFMGI) may settle at 3,650 points to break above 3,681 points to reach 3,681 points.
The Abu Dhabi General Index (ADI) stood above 4,478 points to close at 4,499 points, he mentioned.
The analyst noted that Abu Dhabi General Index (ADI) surpassed 4,531 points, which would push the index to the levels of 4,570 and 4,619 points.
Translated by: Mai Ezz El-Din
