By: Mahmoud Gamal
Dubai – Mubasher: The UAE bourses are likely to see a bearish wave on Monday, Analysts told Mubasher.
Analysts are expecting this downward trend to carry on during this week sessions, in line with the anticipation for more financial results announcements, particularly Emaar properties.
Investors are still waiting for the financial results of major companies, mainly Emaar, NamaaZone CEO Iyad Aref told Mubasher.
Aref added that investors are also interested in the details of launching the initial public offering (IPO) of Emaar development.
Emaar Properties will sell 20% or 800 million shares of Emaar development an IPO in November.
The Dubai Financial Market General Index (DFMGI) is currently moving towards the levels of 3,566 and 3,589 points, Aref indicated.
The DFMGI had previously seen positive levels, targeting 3,740 points, he said.
Emaar’s stock is facing selling pressures towards the level of AED 7.79, he highlighted.
Aref noted that Dubai Islamic Bank (DIB) is forecasted to get back at AED 5.83 over the coming period.
Emaar
Eyad Al Bouriki, general manager of Al Ansari Financial Services, said that Emaar is expected to record high profits ranges between 12% and 15%.
Translated by: Mai Ezz El-Din
