By: Mahmoud Gamal
Dubai – Mubasher: The UAE stock markets have started to respond to the positive market-boosting catalysts, which have been reflected on the blue-chip stocks on Monday’s trading session, analysts told Mubasher.
By the end of Monday’s trading session, the Dubai Financial Market (DFM) jumped 1.53% to 3,032 points, while the Abu Dhabi Securities Market (ADX) edged up 0.24% to 4,577.15 points.
The UAE government had recently announced a 10-year visa to some international investors and talented professionals, allowing 100% foreign ownership in companies.
The UAE bourses have begun to react to the government’s recent decisions, which are expected to attract foreign companies and skilled professionals to reinforce research and business environment, technical analyst at the African Economic Council Mona Mostafa said.
The main indices of the local markets have seen rebounds yesterday in an attempt to hit and break near resistance levels amid stable turnover and a mixed performance by stocks, Mostafa added.
The indices are likely to maintain the positive performance on Tuesday’s trading session, she forecast, pointing out that the local bourses may see a wave of profit-taking.
She noted that the DFMGI has resistance at 3,066 points and support at 2,972 points, while the ADX has resistance at 4,595 points and support at 4,554 points.
Translated by: Mai Ezz El-Din
