By: Mahmoud Gamal
Dubai – Mubasher: The UAE stock markets are expected to continue their mixed performance during Wednesday's trading session, in line with investors' anticipation for the financial results of the companies, analysts told Mubasher.
On Tuesday, the Abu Dhabi Securities Exchange (ADX) shed 0.7% to reach 4,488.72 points, while the Dubai Financial Market (DFM) decreased 0.4% reaching 3,643.37 points.
Investors' awaiting for the firms’ financial results will impact on Wednesday and Thursday trading sessions, and the bourses’ indices will be sideways-to-declining, financial analyst Razan Shahwan told Mubasher.
DAMAC Properties and the Commercial Bank of Dubai (CBD) are expected to announce their financial results for third quarter of 2017, and the results of the first nine months of 2017 during Wednesday and Thursday.
During the current week, some stocks exit and saw profit taking, Shahwan added.
On Tuesday, Dubai Islamic Bank’s (DIB) stock lost 1.5%, closing at AED 6.04, followed by Emaar Properties’ stock with 0.6% to reach AED 8.6, First Abu Dhabi Bank’s (FAB) with 1.43%, and Al Dar Properties’ stock with 0.80%.
The DFM is likely to continue dropping, and to retreat 40 points on a weekly basis, to reach 3,616 points by the end of the week, Shahwan noted.
After the DFM remained above its support level of 3,575 points, it reached near the resistance level of 3,675 points, and it is forecasted to see sideways performance on the short-term, Hesham Hassan, head of technical analysis at Acumen for Securities.
The ADX remains at the support level of 4,355 points, and in the previous week it closed at 4,525 points, Hassan added.
The ADX is important to remain above 4,355 points, aiming to reach 4,560 points in the coming sessions, the head of technical analysis at Acumen for Securities indicated.
The sideways performance is generally acquiring the ADX’s performance, Hassan concluded.
Translated by: Mohamed Hesham Azab
