By: Mahmoud Gamal
Dubai – Mubasher: UAE stock markets are expected to surpass the recent geopolitical events that have taken place in Syria and see a positive performance this week amid extended investment opportunities in stocks, analysts told Mubasher.
On Friday, media outlets reported airstrikes by US forces on a Syrian airport.
Last week, the Abu Dhabi Securities Exchange’s (ADX) general index registered its biggest weekly gains in four months, while the Dubai Financial Market (DFM) gained on blue chips.
UAE indices are moving in an upward trend and are likely to continue rising in the coming period, Masaken Capital market analyst Mohamed Orayqat told Mubasher.
He noted that the positive view of the twin markets is mainly due to the fact that many stocks are at technically attractive levels.
As for the recent geopolitical conflicts, Orayqat highlighted that these events will not affect the UAE’s two bourses.
As for the DFM’s performance, the analyst told Mubasher that he expects the Dubai index to target 3,660 points over the course of the week.
Meanwhile, market analyst Mohamed Al Azmy commented that UAE markets carry “strong investment opportunities” particularly in the banks sector following the recent gains achieved by the National Bank of Abu Dhabi (NBAD) – now Abu Dhabi First Bank – following a merger.
The merger announced last Sunday will open the door for local and foreign investment, he said.
Last week’s oil price gains will contribute to raising investors' sentiments and confidence, he added.
It is expected that foreign portfolios will “intensify” their purchases of blue chips in the coming sessions, ahead of the announcement for companies’ first-quarter financials, playing a key role in confirming the UAE markets’ trend, which was seen as positive last week, Al Azmy stated.
The analyst advised traders to speculate cautiously.
Translated by: Nada Adel Sobhi
