By: Mahmoud Gamal
Dubai – Mubasher: UAE stock markets will face important resistance levels during Monday's and the rest of the week's trading sessions, as investors remain anxious of companies’ financial results for the third quarter of 2017, analysts told Mubasher.
The UAE's bourses continue to face strong tests ahead of marking their rising trend, market analyst Mohanad Oraykat said.
If the Abu Dhabi Securities Exchange (ADX) exceeds 4,600 points, this will represent a positive trend, Oraykat added, noting that investors must keep an eye on the ADX’s main index until it nears 4,460 points, the analyst told Mubasher.
Regarding the Dubai Financial Market (DFM), Oraykat stated that investors need to look to the level of 3,660 points, which must be exceeded with large liquidity to restore its positive trend.
Investors' anticipation of companies' Q3-17 financial statements were the main reason behind Sunday’s sideways-to-declining performance, financial analyst Razan Shahwan told Mubasher.
On Sunday, the DFM inched down 0.07% to reach 3,657.54 points, while the ADX shed 0.17% reaching 4,518.38 points.
Investors are currently awaiting the financial results of DAMAC Properties, the Commercial Bank of Dubai (CBD), Ajman Bank, and Mashreq Bank, which will be announced during the current week, Shahwan added.
On Sunday, DAMAC Properties’ stock remained stable at AED 3.91, while Ajman Bank's rose 0.85% to AED 1.19, whereas Mashreq Bank’s stock levelled down 3.4% to AED 70.5.
As for Dana Gas’ stock, the gas company saw a 3.8% decline after a high court in London postponed the ruling regarding Dana's $700 million sukuk until mid-November, Shahwan concluded.
Translated by: Mohamed Hesham Azab
