By: Mahmoud Gamal
Dubai-Mubasher: The UAE stock markets are expected to technically maintain their bullish performance on Wednesday, amid rebounding oil and global markets, analysts told Mubasher.
Brent crude gained 4.3% to $44.69 per barrel, while the U.S. crude increased 4.48% to $42.17 per barrel.
The gains achieved by the Dubai market on Tuesday will push its index higher to 3,500-3,515 points, market analyst Tarek Essawy told Mubasher.
The DFMGI is likely to break above 3,700 points next week if it manages to keep its uptrend, Essawy noted.
Oil tries to take a technical move near $48-50 before the Doha meeting on Sunday, thus reviving traders’ appetite for local stocks, according to Ahmed Al Amoudi, an analyst at Trades Chamber Company.
The markets will not regain investors’ confidence until liquidity worth over AED 1 billion flows into blue chips and some mid-cap stocks, Al Amoudi noted.
On another note, Abu Dhabi market’s index is expected to approach the level of 4,600 points, especially after it hurdled 4,400 points on Tuesday, capital market analyst Gamal Abdel Hamid explained.
