By: Mahmoud Gamal
Dubai – Mubasher: The UAE bourses are likely to lure investors as blue chips hit record high, topped by Emaar Development, analysts told Mubasher.
Stocks of the UAE markets, particularly the leading stocks which saw a downward trend over the past period, are mostly to attract investors, financial analyst at Menacorp Financial Services Essam Kassabia said.
Trading on Emaar Development will increase as it hovers around AED 5.5, Kassabia forecast, noting that investors have unjustified concerns over the political situation in the region.
The analyst stressed that the new wave of initial public offerings (IPOs), which started with Emaar Development's IPO, in line with the anticipated ADNOC Distribution’s IPO, will boost liquidity of the UAE markets.
Technical vision
At the technical level, CEO of NamaaZone Iyad Aref said that the Dubai Financial Market general index (DFMGI) is seeing a bearish trend and may rise again if it settled above 3,460 points, pointing out that the index has strong purchasing support levels at 3,360 and 3,330 points.
Translated by: Mai Ezz El-Din
