By: Mahmoud Gamal
Dubai – Mubasher: The UAE stock markets are currently seeing an upward trend, which affirms investors' optimism about the local stocks.
By the end of Monday’s trading session, the UAE's two bourses maintained growth amid buoyant liquidity as blue chips were heavily traded.
Booming bourses
The UAE stock markets are recovering in terms of stock prices, indices performance, and trading volume, Al-Sharhan Centre General Manager Gamal Agag told Mubasher.
The Emirati indices are rising gradually and it is rarely hitting records, Agag indicated.
The stock markets will keep reviving until firms announce their financial statements ahead of cash dividend distributions, he forecast.
Technical performance
Moreover, NamaaZone CEO Iyad Aref said that the Dubai Financial Market (DFM) is seeing a long-term upward trajectory, which would last for seven consecutive days.
The DFM has not seen this trend since July 2017 as it broke above 3,490 points, Aref added, pointing out that the stock market’s trading volume and turnover have notably climbed.
The DFMGI is targeting the level of 3,700 points as it reached 3,330 points, he stressed.
The index may test resistance at 3,545 points if it breaks above 3,505 points, he said, noting that it has support below 3,404 points.
The DFM is likely to see a wave of profit-taking over the coming trading sessions, which is a chance for traders to recreate purchasing positions and capture attractive opportunities, Aref projected.
Translated by: Mai Ezz El-Din
