Dubai – Mubasher: United Arab Emirate’s stocks are expected to continue their volatile performance on Wednesday as speculators are inclined to clinch shares at low levels, analysts told Mubasher.
The Dubai Financial Market (DFM) closed Tuesday higher 1.6%, while the Abu Dhabi Securities Exchange (ADX) closed in red for the third consecutive session.
“UAE’s markets are projected to continue their mixed performance in light of their attempt to absorb the effects of the Saudi-Iranian crisis, and the investors’ desire to exploit selective shares at attractive buying levels,” technical analyst, Hamoud Al-Azmi, said.
“Recently, we noticed a gradual entry of portfolios affiliated to international entities, especially in ADX,” he added.
Al-Azmi suggested that trading is still weak at DFM and ADX, and expected them to grow stronger in the upcoming period.
Technically, markets analyst Mohannad Uraiqat said that the ADX remains hovering at low levels, and it should break the level of 4,350 points, while the DFM is moving within corrective levels.
