By: Mahmoud Gamal
Dubai – Mubasher: The UAE stock markets are expected to see accumulations on Tuesday as institutional and foreign investors are likely to move towards buying on stocks ahead of further listed-firms’ announcement of annual financial results.
The Emirati indices are projected to recover amid selective buying, despite the consecutive downward trend it witnessed recently, CEO of NamaaZone Iyad Aref told Mubasher.
The UAE bourses were expected to see repetitive waves of profit-taking after achieving significant gains since December 2017, Aref indicated.
The Dubai Financial Market (DFM) is likely to see a positive performance, on which the DFMGI is forecast to reach 3,420 and 3,390 points to retest 3,700 points, he highlighted.
Emaar Properties, which closed Monday’s trading session down at AED 6.74, has negatively impacted and pressured the DFM, he pointed out, adding that the stock may retest support at AED 6.53.
Attractive levels
Moreover, market analyst Mohamed Al Ahbabi said that most of the UAE stocks may see more selective buying on today’s trading session after hitting record highs on the back of major firms’ improved financial results.
The Abu Dhabi Securities Market (ADX) and the DFM have seen new foreign purchasing powers in spite of the indices’ volatile performance, Al Ahbabi added.
Foreign investors are leaning towards buying, despite the selling pressures on some of the ADX’s stocks, he continued.
The analyst further noted that investors would tend to boost positions in active stocks over the coming period ahead of some upcoming announcements of firms’ financial results.
Translated by: Mai Ezz El-Din
