By: Mahmoud Gamal
Dubai – Mubasher: Investors in the UAE bourses are anticipating a number of significant events, particularly Dana Gas’ meeting with Sukuk owners and the Organization of the Petroleum Exporting Countries’ (OPEC) meeting to extend output cuts.
The UAE markets may witness some selective buying this week, which would maintain the indices’ sideways performance, financial analyst at Menacorp Financial Services Essam Kassabia told Mubasher.
Investors are waiting for Dana Gas’ meeting with Sukuk owners, as well as OPEC’s meeting that will be held next Thursday to discuss prolonging a deal to curb oil production, which will impact the markets’ performance in general, Kassabia highlighted.
Calm start
Moreover, technical analyst at the African Economic Council Mona Mostafa forecast calm trades by the beginning of this week.
Institutional buying are expected to resume in the UAE bourses by next month, especially on firms with good operational performance, Mostafa added.
The Abu Dhabi General Index (ADI) is still seeing a sideways-to-declining performance, she noted, indicating that it has support at 4,193 points and resistance at 4,360 points.
The Dubai Financial Market general index (DFMGI) is likely to rise gradually towards 3,500 and 3,550 points, and it may test support at 3,350 points, the analyst pointed out.
Translated by: Mai Ezz El-Din
