By: Mahmoud Gamal
Dubai – Mubasher: The UAE stock markets are expected to see a positive trend amid the continuous accumulation by local investors as stocks reached attractive levels ahead of announcing firms’ annual financials.
By the end of Wednesday's trading session, the Dubai Financial Market General Index (DFMGI) edged up 0.4% to 3,345.66 points and the Abu Dhabi General Index (ADI) jumped 1.15% to 4,369.40 points
The UAE bourses closed Wednesday’s trading sessions up, which qualify the markets to see an upward trajectory over the coming sessions, especially after the DFMGI surpassed 3,345 points, CEO of NamaaZone Research Iyad Aref told Mubasher.
Investors’ recent buoyant demand for trading on stocks has boosted the Dubai Financial Market’s (DFM) liquidity near AED 600 million prior to firms’ announcement of annual financial statements, Aref added.
The performance of the DFM is forecast to improve over the next days if the DFMGI breaks above 3,400 points, he highlighted.
Thursday, 28 December, is the last trading session in 2017, in which the DFM lost about 6%, as compared with 2016, he indicated.
The UAE Federal Authority for Government Human Resources announced earlier that the New Year holiday for the two stock markets will start from Sunday, 31 December 2017 until Monday 1 January 2018, with trading to be resumed on Tuesday, 2 January.
Investors were concerned over the geopolitical situation in the region this year, which had weighed on the stock markets, he said.
Aref projected the UAE stock markets to revive in 2018 to break above 3,740 points.
Translated by: Mai Ezz El-Din
