By: Mahmoud Gamal
Dubai-Mubasher: The UAE stock markets are expected to witness profit-taking on Wednesday, which may slackens the growth pace of local stocks, amid lower oil prices and volatile global markets, analysts told Mubasher.
The markets' indexes reached technical levels where profit-taking is preferred by investors, technical analyst Ahmed Al-Zahouri said.
The DFMGI reached 3,400 points, the best level for investors to start profit-taking before buying other low-priced stocks, Al-Zahouri added.
Arabtec Holding is likely to decline to AED 1.46 then AED 1.32 if Dubai’s market maintained its downtrend.
Declining liquidity indicates that the markets are nearing the negative territory, capital market analyst Hareb Omar noted.
The UAE indexes technically gave a temporary “exit” signal till the profit-taking ends, Omar added.
He advised investors to be cautious and wait till new opportunities appear.
Translated by: Julian Nabil
