By: Mahmoud Gamal
Dubai – Mubasher: UAE stock markets may rise in the coming sessions in line with existence of new catalysts, especially the financial results of third quarter for 2017 after stocks as Emaar Properties faced selling pressure in the previous period, analysts told Mubasher.
The Dubai Financial Market (DFM) closed Wednesday 0.02% up reaching 3,561.73 points, whereas the Abu Dhabi Securities Exchange (ADX) shed 0.15% to 4,407 points.
Some expectations of Q3-17 financial results and approaching of disclosure period are considered of the main catalysts that investors await to pump new investments, Fady Al-Ghattis, CEO of Topsy Turvy, told Mubasher.
The indices may rise again during the coming sessions, especially after the correction wave which occurred in last sessions, Al-Ghattis added, forecasting that the selling pressure on the speculative stocks will end during the coming sessions.
The liquidity is still focused on the leading stocks as Emaar Properties, the CEO of Topsy Turvy noted.
The DFM dropping down the level of 3,610 points during the previous period was a negative trend.
Al-Ghattis forecasted that the DFM will level up during the trading activities of next week in accordance with some stock prices have reached attractive levels.
The DFM’s benchmark index is likely to consolidate above 3,550 points during Thursday’s trading session and in the sessions in the beginning of coming week, and in case of consolidating above this level technically the index will grow to 3,610 points, then to 3,730 points.
Some investors and speculators are still buying leading stocks and this is expected to continue slightly during Thursday’s trading session, anticipating new catalysts led by the initial public offerings (IPOs) of some firms like Emaar Investments and Real Estate Development, Wael Mahdy, market analyst said.
The indices have the ability to return to the rising trend after sharp declines in some stock prices, Mahdy added.
The highs rises in oil and global markets did not encourage investors to trade by the UAE stocks, which its price-earnings ratio (PER) are good, compared the stocks of large companies in the US and Europe, Mahdy noted.
Translated by: Mohamed Hesham Azab
