By: Mahmoud Gamal
Dubai-Mubasher: The UAE bourses are expected to maintain their bullish performance on Sunday, amid higher oil prices and speculators’ tendency to make use of stocks at attractive buying levels, specially blue chips, analysts told Mubasher.
U.S. oil prices rose over 6% on Friday, posting their largest weekly gain since February, as the decline of U.S. crude stockpiles fed hopes that global oversupply may be nearing tipping point.
The UAE markets will be backed by local and Gulf investments in local stocks, technical analyst Thabet Al-Harbi said.
Investors tend to buy some selective stocks with attractive prices, Al-Harbi noted.
Dubai market’s main index is likely to break important resistance at 3,400 points, technical analyst Salam Saeed told Mubasher.
The DFMGI will be spurred by heavyweight Emaar Properties and Dubai Islamic (DIB) which reached above AED 6 last Thursday, Saeed added.
Closing above 4,334.3 points, Abu Dhabi market gave a positive signal that it will continue its rise, especially after Eitsalat ended higher than AED 18 in Thursday’s trading session, capital market analyst Gamal Abdel Hamid explained.
On another note, technical analyst Faisal Boushehri said that until quarterly reports send a clear message they will continue to be upbeat, some portfolio investors may adopt a state of caution before diving into the market.
Most companies will start announcing their quarterly results as of 15 April.
