By: Mahmoud Gamal
Dubai – Mubasher: The banks sector’s quarterly profits, which have been recently announced, are expected to propel some investment portfolios to buy Emirati stocks; hence, the UAE stock markets may resume the upward trend, analysts told Mubasher.
By the end of Monday’s trading session, the Abu Dhabi Securities Market’s (ADX) general index edged up 0.23%, while the Dubai Financial Market’s (DFM) general index slid 0.57% to 3,061.97 points.
The DFM’s losses have been trimmed on the back of the banks sector, which went up 0.68%, backed by Dubai Islamic Bank (DIB) and Emirates NBD, which rose 0.55% and 1.44%, respectively.
Meanwhile, the banks sector in the ADX has remained stable at yesterday’s close as Abu Dhabi Commercial Bank (ADCB) rose 1.14%.
The banks’ recently announced financial results for the first quarter of 2018 are a bright spot for investors in the local stock markets, technical analyst Gamal Abdul Hamid told Mubasher.
The expectations over the financial results of blue chips are generally positive, he added.
The DFMGI is projected to break above 3,103 points and test 3,152 points, Abdul Hamid said.
Investors are still lacking confidence in the UAE stock markets amid thin liquidity that reached AED 161 million and AED 193.5 million in the DFM and the ADX, respectively, he indicated.
Some blue-chip stocks are clearly seeing a downward trend, such as Emaar Properties and DAMAC Properties which closed Monday down at AED 5.6 and AED 2.77, respectively.
Translated by: Mai Ezz El-Din
