By: Mahmoud Gamal
Dubai – Mubasher: The UAE bourses are expected to move upwardly on Thursday to recover temporarily amid further announcements of firms’ financial results and cash dividend distributions.
The Dubai Financial Market (DFM) closed Wednesday’s trading session up 0.83%, while the Abu Dhabi Securities Market (ADX) jumped 1.21%, its highest level in a month.
The GCC stock markets, topped by the UAE bourses, were adversely impacted by the global stock markets plunge on Sunday and Monday, which stoked investors' concerns, CEO of NamaaZone Iyad Aref told Mubasher.
Accordingly, the DFM was levelled down to 3,281 points, but it trimmed losses yesterday, closing at 3,353 points, Aref added.
The current prices of stocks, mainly blue chips, are good for investors to trade on, he highlighted.
The DFMGI is projected to close today’s trading session above 3,388 points, which will make it able to retest 3,450 points again, he said, pointing out that this may pave the way for the index to break above 3,700 points.
Local stock markets are awaiting more of firms’ annual financial results, Aref indicated.
He further noted that investors are monitoring companies’ financial results and subsequent cash dividend distributions in the meantime.
Translated by: Mai Ezz El-Din
