By: Mahmoud Gamal
Dubai – Mubasher: The recent performance of the UAE stock markets does not commensurate with the anticipated powerful financial results of major firms.
The UAE bourses, mainly the Dubai Financial Market (DFM), have been affected by the declining Emaar Properties’ stock, which settled above AED 6.75, market analyst Manaf Almallouhi told Mubasher.
Rebound levels
The Emirati bourses have seen a rebound on Tuesday, particularly the Abu Dhabi Securities Market (ADX) that recovered by the end of yesterday’s session, market analyst Gamal Abdul Hamid told Mubasher.
Closing at 3,478.70 points, the DFMGI may see rebound at 3,505 points to test 3,538 points, Abdul Hamid highlighted.
Arabtec Holding’s stock is one of the expected blue chips to extend gains over the coming sessions as it may test AED 2.92 and AED 3.06 if it breaks above AED 2.78, he pointed out.
He also stressed that the UAE stock markets’ performance over the past trading session does not commensurate with the projected powerful financial results of major companies.
Additional momentum
Moreover, vice president of Investment Research at KAMCO Raed Diab said that the DFM is seeing a positive rebound near 3,450 points, but it has to break resistance above 3,542 points to maintain the current trend.
The DFMGI is likely to test support at 3,410 points if it falls below 3,450 points, Diab said, noting that the index has lured an additional momentum of about 3,600 points.
Translated by: Mai Ezz El-Din
