By: Mahmoud Gamal
Dubai – Mubasher: The UAE stock markets are likely to rise this week on the back of quarterly financial results, analysts told Mubasher.
Emaar Properties’ stock has been recently added to the MSCI Emerging Markets Index, which will boost the Dubai Financial Market’s (DFM) gains, analysts forecast.
Firms’ financial results for the first quarter of 2018 will push the UAE stocks towards further hikes, technical analyst at the African Economic Council Mona Mostafa said.
Investors will tend to trade on operative stocks with good financial results if selective buying continued in both the DFM and the Abu Dhabi Securities Exchange (ADX), she indicated.
The DFM has seen a bullish trend last week after snapping four-session losing streak on the back of adding Emaar Properties’ stock to the MSCI Emerging Markets Index, Mostafa commented.
By the end of Thursday’s trading session, Emaar Properties rose 2.8% to AED 5.53, with a turnover of AED 93 million.
The DFMGI has resistance at 2,945 and 3,000 points and has support at 2,900 and 2,870 points, she highlighted.
Meanwhile, the ADX has support at 4,400 and 4,390 points and has resistance at 4,445 and 4,470 points, the analyst added.
Translated by: Mai Ezz El-Din
