By: Mahmoud Gamal
Mubasher: The UAE stock markets need real catalysts in the coming period, in line with calm trading expected with the beginning of the holy month of Ramadan, analysts told Mubasher.
The markets will stabilise in the sideways range accompanied with some fluctuations that are not strong, technical analyst Hossam El Husseiny said.
The UAE exchanges will see active trades and rise higher if they manage to hold at their current levels early Ramadan, El Husseiny added.
The markets may continue to see a sideways-to-bearish performance in the coming period until new catalysts appear, he noted.
The UAE bourses saw a noticeable decline in their turnover and trading volume last week, in addition to investors’ weak confidence, El Husseiny explained.
Banks stocks will positively be affected by the UAE central bank governor Mubarak Rashed Al Mansoori’s statement that the performance of the banking sector will improve in the first half of 2017, capital market analyst Ahmed Al Emadi told Mubasher.
Some stocks will see active trading activity in the last days of Ramadan, Al Emadi added.
Investors are anticipating news on Arabtec Holding and Drake and Scull International (DSI), he said.
Translated by: Julian Nabil
