By: Mahmoud Gamal
Dubai – Mubasher: The UAE stock markets are likely to see more foreign and institutional buying in operative stocks, in line with the beginning of firms’ announcement of financial statements.
Given that institutional buying amounted to AED 1.36 billion last week from AED 1.36 billion, while foreign buying totaled AED 87 million.
Strong comeback
The Emirati stocks are expected to witness a strong comeback of institutional buying and new liquidity, mainly on good operative stocks with anticipated positive financial results, technical analyst at the African Economic Council Mona Mostafa told Mubasher.
The UAE bourses have seen rebounds since the beginning of this year, which pushed its main indices towards significant levels and improved liquidity ratios, Mostafa highlighted.
The Emirati markets are currently bolstered by the anticipated development in the country’s economy this year, which reinforce profitable investment opportunities for several sectors, she added.
Stable indices
The indices have hit significant levels over the past trading sessions, affirming that the correction phase may end soon to push the indices towards gains, Mostafa said.
The Dubai Financial Market general index (DFMGI) may see a wave of profit-taking to reach 3,460 points and rebound to 3,560 points, hence, maintain rising and extend gains, she indicated.
The Abu Dhabi general index (ADI) has support at 4,550 and 4,525 points, while it has resistance a 4,590 and 4,620 points, she noted.
Translated by: Mai Ezz El-Din
