By: Mahmoud Gamal
Dubai – Mubasher: The UAE stock markets are likely to see an upward trend on Wednesday ahead of firms’ monthly closes, announcement of financial statements, and new expansions.
Dubai Islamic Bank’s stock has seen notable selling pressures during Tuesday’s trading session, as the bank is seeking to boost its capital and liquidity, financial analyst at Menacorp Financial Services Essam Kassabia told Mubasher.
The Emirati stocks may extend gains on today’s session on the back of some positive news, such as firms’ remarkable financial results, topped by a growth in Waha Capital’s profits, in addition to Emirates NBD’s plans to expand overseas, Kassabia added.
Investors’ focus
Furthermore, market analyst Inas Emqadish said that investors will focus on firms’ upcoming financial results over the coming trading sessions as it will define the Emirati stocks’ outlook.
The Abu Dhabi Securities Market (ADX) may rise towards 4,690 points if it breaks above 4,650 points, Emqadish highlighted.
Meanwhile, the Dubai Financial Market (DFM) will extend losses and hover around 3,410 points if it falls below 3,450 points, she mentioned.
Positive vision
The UAE bourses are still likely to see a long-term positive performance, CEO of NamaaZone Iyad Aref told Mubasher.
The DFMGI may retest 3,700 points if it recreates purchasing positions at 3,420 to 3,390 points, he added.
Aref projected traders to incline to boost positions in stocks with good operational performance over the coming period, ahead of its upcoming financial results’ announcements.
Translated by: Mai Ezz El-Din
