By: Mahmoud Gamal
Dubai – Mubasher: The UAE bourses are expected to rebound into positive territory on Tuesday as prices are likely to reach attractive levels, analysts told Mubasher.
Market analyst Gamal Abdel Hameed said that the indices of the UAE bourses have reached significant levels yesterday that made markets capable of seeing positive trends.
“Unjustified concern of investors, particularly in Dubai dragged on UAE's markets in the last sessions,” Abdel Hameed added.
The Dubai Financial Market General Index (DFMGI) dropped on Monday’s session as a result of sell-offs in blue chips topped by Emaar, Damac and Emirates NBD, he highlighted.
He indicated that the DFMGI may bounce amid low prices, noting that the index is moving towards the level of 3,400 points.
The analyst forecast the index to test resistance at 3,464 points on Tuesday’s trading session.
New IPOs
Moreover, sales analyst at Mubasher Financial Services Karim Al Shammas said that the UAE bourses are likely to steady, in line with firms' announcement of new initial public offerings (IPOs).
Al-Shammas stressed that listing Emaar Development on the DFM will reinforce the market performance.
He further noted that ADNOC’s anticipated IPO will also bolster the Abu Dhabi Securities Exchange (ADX).
Investors are waiting for more information about companies’ planned projects in the next year to keep up with stocks of these companies, he pointed out.
Translated by: Mai Ezz El-Din
