By: Mahmoud Gamal
Dubai – Mubasher: The United Arab Emirates’ stock markets are expected to see a positive performance this week, as certain heavyweights will be holding steady.
The Abu Dhabi Securities Exchange (ADX) rose on Thursday by 0.89%, while the Dubai Financial Market advanced 1.07%.
“The UAE markets have to hurdle the significant resistances they are currently facing to continue their rise in the upcoming period,” technical analyst, Ahmed Al-Zahori, told Mubasher.
“ADX is eyeing support levels of 3,625 points and 3,630 points, and resistances of 4,750 points and 4,800 points,” he added.
Meanwhile, capital market analyst Salam Saeed expected blue chips to experience a positive movement as investors trend to build new positions while such stocks are standing at attractive levels.
Saeed suggested that liquidity remains tight, squeezed by a state of caution controlling traders before the remaining listed firms release their reports.
On another note, analyst Hareb Omar advised traders in DFM to liquidate part of their portfolios in the market before the record date of distributing Emaar’s dividends.
Translated by: Elwy el-Manzalawy
