By: Mahmoud Gamal
Dubai – Mubasher: The UAE stock markets need new market-boosting catalysts to overcome the fluctuated performance and thin liquidity ahead of the New Year.
Investors’ disinterest in buying stocks and lack of catalysts, in addition to concerns over stocks’ prices, dragged the indices of the UAE bourses down on Tuesday’s trading session, technical analyst Gamal Abdul Hamid told Mubasher.
Investors are holding onto their stocks as they are concerned over the political situation during the long official holiday of the New Year, he added.
The Federal Authority for Government Human Resources in the UAE announced that the New Year holiday for the stock markets will last for two days starting from Sunday, 31 December 2017, as trades will be resumed on Tuesday, 2 January.
The Dubai Financial Market General Index (DFMGI) may test the levels of 3,506 and 3,538 points if it breaks above 3,333 points, he indicated.
The DFMGI will test 3,382 and 3,403 points if it hovers above 3,333 points, he highlighted.
Moreover, Iyad Aref, CEO of NamaaZone, said that the stock markets will not maintain the bearish trend after the New Year holiday amid firms’ anticipated positive annual financials.
Translated by: Mai Ezz El-Din
