By: Mahmoud Gamal
Dubai-Mubasher: The UAE stock markets are expected to continue seeing profit-taking on Monday, analysts told Mubasher.
The local stocks’ general trend is upward amid investors’ tendency to make use of low-priced stocks, in addition to liquidity inflows the markets have seen on Monday, analysts confirmed.
Dubai market’s main index is likely see resistance at 3,600 points, especially after it moved above 3,850 and 3,590 points in a row, technical analyst Salam Saeed told Mubasher
The DFMGI will not break its resistance unless it is pushed up by Emaar Properties and Dubai Islamic Bank (DIB), Saeed added.
On another note, technical analyst Mohamed Al Harbi said that the UAE markets are expected to maintain their downtrend.
Investors should be cautious and refrain from building new positions till the trend of oil market becomes clear, Al-Harbi advised.
